TaxTMI 
TaxTMI 
Issues related to Bond/Letter of Undertaking for exports without payment of integrated tax
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....dertaking for exports without payment of integrated tax - Reg. Attention of the trade, Industries and all other concerned is hereby invited to Circular No. 4/4/2017-GST dated 7th July 2017 issued under F.NO. 349/82/2017-GST vide which exercising powers conferred under section 168 (I) of the Central Goods and Services Tax Act, 2017, for the purpose of uniformity in the implementation of the Act,.....
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....icable in the State in which bond is being furnished. 4. A clarification has been sought as to whether bond to be furnished for exports is a running bond (with debit / credit facility) or a one-time bond (separate bond for each consignment / export). It is observed consignment wise bond would be a significant compliance burden on the exporters. It is directed that the exporters shall furnish a r....
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....n the track record of the exporter. If Commissioner is satisfied with the track record of an exporter then furnishing of bond without bank guarantee would suffice. In any case the bank guarantee should normally not exceed 15% of the bond amount. 6. As regards LUT, it is clarified that It shall be valid for twelve months. If the exporter fails to comply with the conditions of the LUT he may be as....
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.... Central Tax officers are directed to take every step to facilitate the exporters. 8. Attention is further invited to circular No. 26/2017 - Customs dated 1st July 2017, vide which it has been clarified that the existing practice of sealing the container with a bottle seal under Central Excise supervision or otherwise would continue till September, 2017. Such sealing shall be done under the supe....