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TMI BlogIssues related to Bond/Letter of Undertaking for exports without payment of "Integrated Tax"X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment of "Integrated Tax"-Reg. l. Attention of all the importers, Exporters, Customs Brokers, and other stake holders is invited to the subject 'Issues related to Bond/Letter of Undertaking for exports without payment of integrated tax, as communicated by Board Circular No. 4/4/2017-GST dated 7th July, 2017 2.Various communications were received from the field formations and expo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covered by the said notification, would submit bond. The procedure for submission and acceptance of bond has been prescribed vide circular No. 2/2/2017-GST dated 04.07.2017. The bond shall be furnished on non-judicial stamp paper of the value as applicable in the State in which bond is being furnished. As per Notification No. 16/201 7-Central Tax, dated 01-07-2017, following registered person ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax liability as assessed by the exporter himself. The exporter shall ensure that the outstanding tax liability on exports is within the bond amount. In case the bond amount is insufficient to cover the tax liability in yet to be completed exports, the exporter shall furnish a fresh bond to cover such liability. d) FORM RFD -11 under rule 96A of the CGST Rules requires furnishing a bank guarant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Deputy/Assistant Commissioner having jurisdiction over the principal place of business of the exporter. The exporter is at liberty to furnish the bond/LUT before Central Tax Authority or State Tax Authority till the administrative mechanism for assigning of taxpayers to respective authority is implemented. However, if in a State, the Commissioner of State Tax so directs, by general instructio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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