EXPORT PROCEEDURE UNDER GST
Query (Issue) Started By: – BIJU CHACKO Dated:- 29-7-2017 Last Reply Date:- 13-8-2017 Goods and Services Tax – GST
Got 4 Replies
GST
OUR LAST YEAR EXPORT WAS ABOVE 1 CRORE. WE WANT TO KNOW APPLICABILITY OF DOCUMENTS UNDER GST. CA ATTESTED LUT BOND AND BANK GUARANTEE REQUIRED ???. BOTH ARE REQUIRED OR SINGLE BANK GUARANTEE REQUIRED. PL HELP US……..
Reply By MUKUND THAKKAR:
The Reply:
Bond and Bank guarantee both are required. 15% BG is require of Bond amount.
Reply By Kishan Barai:
The Reply:
15% Bank guarantee is sufficient but most of the bank denies it because if you don't export bank need to pay IGST 100% & had to suffer 85% loss, so most of the banks block 100% amount and provide BG un
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aragraphs 3.20 and 3.21 of the Foreign Trade Policy 2015-2020; or
(b) who has received the due foreign inward remittances amounting to a minimum of 10% of the export turnover, which should not be less than one crore rupees, in the preceding financial year,
and he has not been prosecuted for any offence under the Central Goods and Services Tax Act, 2017 (12 of 2017) or under any of the existing laws in case where the amount of tax evaded exceeds two hundred and fifty lakh rupees.
Moreover, the Letter of Undertaking shall be furnished in duplicate for a financial year in the annexure to FORM GST RFD – 11 referred to in sub-rule (1) of rule 96A of the Central Goods and Services Tax Rules, 2017 and it shall be executed by the working partne
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