TaxTMI 
TaxTMI 
Issues related to furnishing of Bond/Letter of Undertaking for Exports
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....RADE NOTICE NO. 7/2017-GST Sub: Issues related to furnishing of Bond/Letter of Undertaking for Exports - Reg. Kind attention is invited to the Central Board of Excise and Customs (CBEC) Circular No. 4/4/2017-GST, dated 07.07.2017 clarifying the procedure prescribed for making exports of goods and services without payment of integrated tax with respect to furnishing of bonds/Letter of Underta....
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....e procedure for submission and acceptance of bond has already been prescribed vide circular No. 2/2/2017-GSTdated 4^th July, 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. 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 ....
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.... requested for clarity on the amount of bank guarantee as a security for the bond. In this regard it is directed that the jurisdictional Commissioner may decide about the amount of bank guarantee depending upon 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 guaran....
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....tate, the Commissioner of State Tax so directs, by general instruction, to exporter, the Bond/LUT in all cases be accepted by Central tax officer till such time the said administrative mechanism is implemented. 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....