Bond/Letter of Undertaking for tax-free exports governs running bonds, bank guarantee limits, and jurisdictional acceptance. Exports without payment of integrated tax require a Bond or Letter of Undertaking in FORM GST RFD-11; eligible exporters may use LUT while others must furnish a bond on non-judicial stamp paper. Bonds may be maintained as running bonds covering estimated tax liabilities and must be topped up if insufficient. A bank guarantee may be required but can be waived by the jurisdictional Commissioner; where required it should normally not exceed 15% of the bond amount. LUTs are valid for twelve months and acceptance is by the Deputy/Assistant Commissioner of the exporter's principal place of business.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bond/Letter of Undertaking for tax-free exports governs running bonds, bank guarantee limits, and jurisdictional acceptance.
Exports without payment of integrated tax require a Bond or Letter of Undertaking in FORM GST RFD-11; eligible exporters may use LUT while others must furnish a bond on non-judicial stamp paper. Bonds may be maintained as running bonds covering estimated tax liabilities and must be topped up if insufficient. A bank guarantee may be required but can be waived by the jurisdictional Commissioner; where required it should normally not exceed 15% of the bond amount. LUTs are valid for twelve months and acceptance is by the Deputy/Assistant Commissioner of the exporter's principal place of business.
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