9911796707
TMI BlogSubmission of Bond/Letter of Undertaking by the Exporter in respect of Exports without payment of Integrated Tax under the IGST Act.X X X X Extracts X X X X X X X X Extracts X X X X ..... July 2017. 2. Section 16(3) of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as the IGST Act ) provides that a registered person making zero rated supply shall be eligible to claim refund under either of the following options, namely:- (a) he may supply goods or services or both under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilised input tax credit; or (b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and claim refund of such tax paid on goods or services or both supplied, in accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. 6. In this background queries have been received from the Trade and Merchantile Associations stating the difficulties faced with regard to the procedure prescribed in respect of export of goods and services vis-a-vis payment of integrated tax or submission of Bond or Letter of Undertaking in place of Bond. It is noticed that the Central Board of Excise and Customs (CBEC) has issued a notification and a circular explaining the the modalities and requirement that should be fulfilled by an exporter where the export is sought without payment integrated tax. 7. In this regard attenti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to integrated tax as they apply in relation to central tax. 9. In this backdrop, it is hereby informed that the Bond or the letter of undertaking in place of Bond, in all cases, will be accepted by the jurisdictional Assistant Commissioners in respect of Assessment Circles and in the absence of Assistant Commissioner of State Taxes it will be accepted by the State Tax Officer of the Assessment Circle or any other officer as may be specified by the Territorial Deputy Commissioner. In respect of Large Taxpayers Unit, Chennai and Fast Track Assessment Circles, Coimbatore, Bond or the letter of undertaking in place of Bond will be accepted by respective Deputy Commissioners and in the absence of the Deputy Commissioner it will be accepte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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