TaxTMI 
TaxTMI 
Clarification on issues related to furnishing of Bond / Letter of Undertaking for exports.
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....tered person who intends to supply goods or services for export without payment of integrated tax. Now, in supersession of the said circulars, except as respects things done or omitted to be done before such supersession in this matter, and in exercise of powers conferred under section 168 of the Assam Goods and Services Tax Act, 2017 (Assam Act XXVIII of 2017), for the purpose of uniformity in the implementation of the Act, following issues are being clarified hereunder: (a) Eligibility to export under LUT: The facility of export under LUT has been now extended to all registered persons who intend to supply goods or services for export without payment of integrated tax except those who have been prosecuted for any offence under th....
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....ilable on the common portal, the registered person (exporters) may download the FORM GST RFD-11 from the website of the Commissioner of State tax, Assam (www.tax.assam.gov.in) / Central Board of Excise and Customs (www.cbec.gov.in) and furnish the duly filled form to the jurisdictional Assistant Commissioner of State tax / Superintendent of State tax having jurisdiction over their principal place of business. The LUT shall be furnished on the letter head of the registered person, in duplicate, and it shall be executed by the working partner, the Managing Director or the Company Secretary or the proprietor or by a person duly authorised by such working partner or Board of Directors of such company or proprietor. The bond, wherever r....
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....imated tax liability on the export. The exporter shall ensure that the outstanding integrated tax liability on exports is within the bond amount. In case the bond amount is insufficient to cover the said liability in yet to be completed exports, the exporter shall furnish a fresh bond to cover such liability. The onus of maintaining the debit / credit entries of integrated tax in the running bond will lie with the exporter. The record of such entries shall be furnished to the State tax officer as and when required. (h) Sealing by officers: Till mandatory self-sealing is operationalized, sealing of containers, wherever required to be carried out under the supervision of the officer, shall be done under the supervision of the State t....
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.... freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may also be realized in rupees, provided it is through a freely convertible Vostro account of a non-resident bank situated in any country other than a member country of Asian Clearing Union (ACU) or Nepal or Bhutan". Accordingly, it is clarified that the acceptance of LUT for supplies of goods to Nepal or Bhutan or SEZ developer or SEZ unit will be permissible irrespective of whether the payments are made in Indian currency or convertible foreign exchange as long as they are in accordance with the applicable RBI guidelines. It may also be noted that the supply of servi....