Registered person shall be eligible for submission of letter of UT Bond - S.O.055/P.G.S.T.R./2017/R.96A/2017 - Punjab SGST

GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 25th September, 2017 No. S.O.55/P.G.S.T.R./2017/R.96A/2017 .-In exercise of the power conferred by sub-rule (5) of rule 96A of the Punjab Goods and Services Tax Rules, 2017, and all other powers enabling him in this behalf, the Governor of Punjab, is pleased to specify the following conditions and safeguards for the registered person who intends to supply goods or services for export without payment of integrated tax, for furnishing a Letter of Undertaking in place of a Bond, namely:- (i) The following registered person shall be eligible for submission of Letter of Undertaking in place of a Bond:- (a) a status holder as specified in paragraphs 3.20 and 3.21 of the Forgein 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 Punjab Goods and Services Tax Act, 2017 (Punjab Act No. 5 of 2017) or under any of the existing laws in case where the amount of tax evaded exceeds two hundred and fifty lakh rupees, and (ii) 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 said Rules and it shall be executed by the working partner, the Managing Director or the Company Secretary or the Proprietor or by a person duly authorized by such working partner or Board of Directors of such company or proprietor on the letter head of the registered person. ANURAG AGARWAL, Financial Commissioner Taxation and Secretary to Government of Punjab, Department of Excise and Taxation