TaxTMI 
TaxTMI 
Issues related to Bond/Letter of Undertaking for exports without payment of integrated tax
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....11/2017 Subject: Issues related to Bond/Letter of Undertaking for exports without payment of integrated tax - Reg. Attention of the trade/ public is invited to Circular No. 4/4/2017-GST dated 07.07.2017 issued under F. No. 349/82/2017-GST by the Government of India, Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, CST Policy Wing. 2. Various commu....
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....16/2017-Central Tax dated 01-07-2017 vide which the category of exporters who are eligible to export under LUT has been specified along with the conditions and safeguards. All exporters, not covered by the said notification, would submit bond. The procedure for submission and acceptance of bond has already been prescribed vide circular No. 2/2/2017-GST dated 4th July, 2017.The bond shall be furnis....
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....cient to cover the tax liability in yet to be completed exports, the exporter shall furnish a fresh bond to cover such liability. 6. FORM RFD -11 under rule 96A of the CGST Rules requires furnishing a bank guarantee with bond. Field formations have 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....
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....of business of the exporter. The exporter is at liberty to furnish the bond/LUT before Central Tax Authority or State Tax Authority till the administrative mechanism for assigning of tax payers to respective authority is implemented. However, if in a State, the Commissioner of State Tax so directs, by general instruction, to exporter, the Bond/LUT in all cases be accepted by Central tax officer ti....