Issues related to Bond\/Letter of Undertaking for exports without payment of integrated tax \u2013 Reg.
4\/4\/2017 Dated:- 7-7-2017 CGST – Circulars \/ Ordes
GST
Rescinded vide Circular dated 4-10-2017
\nCircular No. 4\/4\/2017-GST
\nF. No. 349\/82\/2017-GST
\nGovernment of India
\nMinistry of Finance
\nDepartment of Revenue
\nCentral Board of Excise and Customs
\n(GST Policy Wing)
\n***
\nNew Delhi, the 7th July, 2017
\nTo,
\nThe Principal Chief Commissioners \/ Chief Commissioners \/ Principal Commissioners\/ Commissioners of Central Tax (All)
\nMadam\/Sir,
\nSubject: Issues related to Bond\/Letter of Undertaking for exports without payment of integrated tax – Reg.
\nVarious communications have been received from the field formations and exporters that difficulties are being faced in complying with the procedure prescribed for making exports of goods and services without payment of integrated tax with respect to furnishing of bonds\/Letter of Undertaking. Therefore, in exercise of powers conferred under s<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n been soughtas to whether bond to be furnished for exports is a running bond (with debit \/ credit facility) or a one-time bond (separate bond for each consignment \/ export). It is observed consignment wise bond would be a significant compliance burden on the exporters. It is directedthat the exporters shall furnish a running bond, in case he is required to furnish a bond, in FORM GST RFD -11. The bond would cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself. The exporter shall ensure that the outstanding tax liability on exports is within the bond amount. In case the bond amount is insufficient to cover the tax liability in yet to be completed exports, the exporter shall furnish a fresh bond to cover such liability. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n trative mechanism forassigning of taxpayersto 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 till such time the said administrative mechanism is implemented. Central Tax officers are directed to take every step to facilitate the exporters. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Issues related to Bond\/Letter of Undertaking for exports without payment of integrated tax \u2013 Reg.4\/4\/2017 Dated:- 7-7-2017 CGST – Circulars \/ OrdesGSTRescinded vide Circular dated 4-10-2017 Circular No. 4\/4\/2017-GST F. No. 349\/82\/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs (GST Policy Wing) *** New Delhi, the 7th … Continue reading “Issues related to Bond\/Letter of Undertaking for exports without payment of integrated tax \u2013 Reg.”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-5918","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5918"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/5918\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n5. 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 <\/p>\n
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\n8. Attention is further invited to circular No. 26\/2017 – Customs dated 1st July 2017, vide which it has been clarified that the existing practice of sealing the container with a bottle seal under Central Excise supervision or otherwise would continue till 01st September, 2017. Such sealing shall be done under the supervision of the officer having physical jurisdiction over the place of business where the sealing is being done. A copy of the sealing report would be forwarded to the Deputy\/Assistant Commissioner having jurisdiction over the principal place of business.
\n9. These instructions shall ap<\/p>\n
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