Realization of export proceeds in INR allowed where RBI permits, clarifying LUT usage and job work compliance rules. Amendments effective 01.02.2019 update prior CGST circulars: realization of export proceeds in INR is permitted where RBI allows and acceptance of LUT for supplies to foreign countries and SEZs is allowable irrespective of invoice currency; job work rules are revised to restate principal's accounting responsibility, to apply specified time limits for return or onward supply with date of supply being when goods were sent and interest payable, to clarify job worker registration thresholds and valuation of job work services, and to confirm invoicing and tax liability rules for registered job workers; detention, recovery procedures and suspension of registration provisions are also amended with revised forms and payment mechanisms.
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Provisions expressly mentioned in the judgment/order text.
Realization of export proceeds in INR allowed where RBI permits, clarifying LUT usage and job work compliance rules.
Amendments effective 01.02.2019 update prior CGST circulars: realization of export proceeds in INR is permitted where RBI allows and acceptance of LUT for supplies to foreign countries and SEZs is allowable irrespective of invoice currency; job work rules are revised to restate principal's accounting responsibility, to apply specified time limits for return or onward supply with date of supply being when goods were sent and interest payable, to clarify job worker registration thresholds and valuation of job work services, and to confirm invoicing and tax liability rules for registered job workers; detention, recovery procedures and suspension of registration provisions are also amended with revised forms and payment mechanisms.
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