Clarification\/Guidelines regarding submission of Bond\/Letter of Undertaking (LUT) by the Exporters in respect of Exports without payment of Integrated Tax under WBGST\/ CGST Rule 96A.
07\/2017 Dated:- 19-7-2017 West Bengal SGST
GST – States
GOVERNMENT OF WEST BENGAL
\nDIRECTORATE OF COMMERCIAL TAXES
\n14, BELIAGHATA ROAD, KOLKATA-700015
\nTRADE CIRCULAR NO. 07\/2017
\nDATED: 19.07.2017
\nSubject: Clarification\/Guidelines regarding submission of Bond\/Letter of Undertaking (LUT) by the Exporters in respect of Exports without payment of Integrated Tax under WBGST\/ CGST Rule 96A.
\nRef: Relevant Ordinance\/Act\/Notification\/Circular in this regard-
\n(a) West Bengal Goods and Services Tax Ordinance, 2017;
\n(b) The Integrated Goods and Services Tax Act, 2017;
\n(c) West Bengal Goods and Services Tax Rules, 2017;
\n(d) Notification No. 16\/2017 dated 07.07.2017 of Department of Revenue (Central Board of Excise & Customs), Ministry of Finance, Government of India;
\n(e) Circular No.4\/4\/2017-GST of <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n les made there under = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ished 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 West Bengal Goods and Services Tax (Third Amendment) Rules, 2017 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 on the letter head of the registered person. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ired to be furnished under rule 96A of the West Bengal Goods and Services Tax (Third Amendment) Rules, 2017 may be furnished manually in non-judicial stamp paper to the jurisdictional Senior Joint Commissioner or Joint Commissioner, as the case may be, in the format specified in FORM RFD-11 till the module for furnishing of FORM RFD-11 is available on the common portal and furnish the duly filled form to the jurisdictional Senior Joint Commissioner or Joint Commissioner, as the case may be. Moreover, 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 taxpayers to respective authority is implemented, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n cognition as a status holder. Status recognition depends upon export performance. An applicant shall be categorized as status holder upon achieving export performance during current and previous two financial years, as indicated in paragraph 3.21 of Foreign Trade Policy. The export performance will be counted on the basis of FOB value of export earnings in free foreign exchange. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nature of Authorized Signatory = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the performance of any part of this condition, the same shall be in full force and virtue: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Clarification\/Guidelines regarding submission of Bond\/Letter of Undertaking (LUT) by the Exporters in respect of Exports without payment of Integrated Tax under WBGST\/ CGST Rule 96A.07\/2017 Dated:- 19-7-2017 West Bengal SGSTGST – StatesGOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA-700015 TRADE CIRCULAR NO. 07\/2017 DATED: 19.07.2017 Subject: Clarification\/Guidelines regarding submission of Bond\/Letter … Continue reading “Clarification\/Guidelines regarding submission of Bond\/Letter of Undertaking (LUT) by the Exporters in respect of Exports without payment of Integrated Tax under WBGST\/ CGST Rule 96A.”<\/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-6988","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6988","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=6988"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6988\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n(2) In accordance with the provisions of rule 96A of West Bengal Goods and Services Tax (Third Amendment) Rules, 2017 a registered person availing of the option of supplying goods or service for export without payment of Integrated Tax is required to furnish, prior to export, a Bond or a LUT in Form GST RFD-11 to the jurisdictional Commissioner binding himself to pay the tax due along with interest in terms of sub-section (1) of section 50 within a period of –
\n(a) Fifteen (15) days after the expiry of three months from the date of issue of Invoice for export, if the goods are not exported out of India; or
\n(b) Fifteen (15) days after the expiry of one year, or such further period as may be allowed by the Commissioner, from the date of issue of Invoice for export, if the payment of such services is not received by the exporter in convertible foreign exchange.
\n(3) In terms of provision of sub-rule (5) of the aforesaid rule 96A, the State Government is empowered to<\/p>\n
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\n(c) All exporters, not covered under Para 4 (a) of this Circular, would have to submit Bond.
\n(d) A running Bond is required to be furnished in Form GST RFD-11 under rule 96A of the West Bengal Goods and Services Tax Rules, 2017. 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 com<\/p>\n
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\n(h) It is also clarified in this respect that, the Bond or the LUT, as the case may be, will be accepted by the officer not below the rank of State Tax Officer, having jurisdiction over the principal place of business of the exporter.
\nThe Bond amount, corresponding Bank Guarantee, if any<\/p>\n
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\n(c) For deemed export, FOR value of exports in Indian Rupees shall be converted in US$ at the exchange rate notified by CBEC, as applicable on 1st April of each Financial Year.
\n(d) For granting status, export performance is necessary in at least two out of three years.
\n3.21 Status Category:
\nStatus Category
\nExport Performance FOB \/ FOR (as converted) Value (in US $ million)
\nOne Star Export House
\n3
\nTwo Star Export House
\n25
\nThree Star Export House
\n100
\nFour Star Export House
\n500
\nFive Star Export House
\n2000
\n[Extract from FOREIGN TRADE POLICY (1st April, 2015 – 31st March, 2020, Department of Commerce<\/p>\n
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\nDate:
\nPlace:
\nName……………………………………..
\nDesignation\/ Status………………….
\nBond for export of goods or services without payment of integrated tax
\n(See rule 96A)
\nI\/We…………………………………………….. of………………………………………………….. hereinafter called "obligor(s)", am\/are held and firmly bound to the President of India (hereinafter called "the President") in the sum of ……………………………………… rupees to be paid to the President for which payment will and truly to be made.
\nI\/We jointly and severally bind myself\/ourselves and my\/our respective heirs\/ executors\/ administrators\/ legal representatives\/successors and assigns by these presents; Dated this……….. day of ……………………;
\nWHEREAS the above bounden obligor has been permitted from time to time to supply goods or services for export out of India without payment o<\/p>\n
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\nAND the President shall, at his option, be competent to make good all the loss and damages, from the amount of bank guarantee or by endorsing his rights under the above-written bond or both;
\nI\/We further declare that this bond is given under the orders of the Government for the performance of an act in which the public are interested;
\nIN THE WITNESS THEREOF these presents have been signed the day hereinbefore written by the obligor(s).
\nDate:
\nPlace:
\nSignature(s) of obligor(s)
\nWitnesses
\n(1) Name and Address Occupation
\n(2) Name and Address Occupation
\nAccepted by me this ……………………………… day of ……………….. (month) ……………. (year)
\n …………………………….of………………………………. (Designation)
\nfor and on behalf of the President of India
\nLetter of Undertaking for export of goods or services without payment of integrated tax
\n(S<\/p>\n
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