TaxTMI 
TaxTMI 
Furnishing of LUT or bonds for exports and guidelines thereof.
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....der either of the following options :- (a) he may supply goods or services or both under bond or Letter of Undertaking (herein after referred to as "LUT"), subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilised input tax credit; or (b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and claim refund of such tax paid on goods or services or both supplied, in accordance with the provisions of section 54 of the Central Goods and Services Tax Act, 2017 and the rules made there under. 2. In accordance with the provisions of Rule 96A of Assam Goods and Servic....
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....cular (Circular No. 2/2/2017-GST dtd, 04-07-2017 and 4/4/2017-GST dtd. 07-07-2017) explaining the modalities and requirement that should be fulfilled by an exporter where the export is sought without payment of integrated tax. Accordingly, the following procedure is required to be followed while furnishing of Bond or LUT: (a) the following registered persons shall be eligible for submission of LUT in Form GST RFD-11 in place of Bond: (i) A status holder as specified in the Foreign Trade Policy 2015-20 (relevant portion is annexed herewith); or (ii) Who has received the due Foreign Inward Remittances amounting to a minimum of 10% of the Export Turnover, which should not be less than 1 crore rupees the in preceding financ....
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....that the Commissioner may decide on the amount of Bank Guarantee not exceeding 15% of the Bond amount, depending upon the track record of the exporter. However, if the Commissioner is satisfied with the track record of an exporter, he may dispense with this requirement of furnishing of bank guarantee with bond. (f) As regards LUT, it is also clarified that the LUT shall be valid for a period of twelve months. If the exporter fails to comply with the conditions of the LUT he may be asked to furnish a bond. (g) Further, in exercise of the powers conferred by section 168 of the Assam Goods and Services Tax, 2017, for the purpose of uniformity in the implementation of the said, the Bond or the LUT required to be furnished under rule 96A o....
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....y's foreign trade. Status Holders are expected to not only contribute towards India's exports but also provide guidance and handholding to new entrepreneurs. (b) All exporters of goods, services and technology having an import-export code (IFC) number shall be eligible for recognition as a status holder. Status recognition depends upon export performance. An applicant shall be categorized as status holder upon achieving export performance during current and previous two financial years, as indicated in paragraph 3.21 of Foreign Trade Policy. The export performance will be counted on the basis of FOB value of export earnings in free foreign exchange. (c) For deemed export, FOR value of exports in Indian Rupees shall be converte....
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....t liberty to get the payment from the bank against the bank guarantee. (iii) The department will be at liberty to invoke the bank guarantee provided by us to cover the amount of integrated tax payable in respect of export of goods or services. Signature of Authorized Signatory Name Designation / Status Date - Bond for export of goods or services without payment of integrated tax (See rule 96A) I/We...................of.........................,hereinafter called "obligor(s)", am/are held and firmly bound to the President of India (hereinafter called "the President") in the sum of...............rupees to be paid to the President for which payment will and truly to be made. I/We jointly and severally bind myself/our....
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....ges, from the amount of bank guarantee or by endorsing his rights under the above-written bond or both; I/We further declare that this bond is given under the orders of the Government for the performance of an act in which the public are interested; IN THE WITNESS THEREOF these presents have been signed the day herein before written by the obligor(s). Signature(s) of obligor(s). Date: Place: Witnesses (1) Name and Address Occupation (2) Name and Address Occupation Accepted by me this.................................day of..................................(month).............................(year) .....................................of ......................................(De....