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TMI BlogRefund of IGST - Export of goods or services or both without payment of IGST against under LUT/Bond and claim refund of ITC [Rule 96A of CGST Rule]X X X X Extracts X X X X X X X X Extracts X X X X ..... g in FORM GST RFD-11 to the jurisdictional Commissioner, binding himself to pay the tax due along with the interest specified under section 50(1) within a period of - (a) fifteen days after the expiry of three months, or such further period as may be allowed by the Commissioner, * from the date of issue of the invoice for export, if the goods are not exported out of India; or (b) fifteen days after the expiry of one year, or such further period as may be allowed by the Commissioner, * from the date of issue of the invoice for export, if the payment of such services is not received by the exporter in convertible foreign exchange or in Indian rupees, wherever permitted by the Reserve Bank of India. [ Substituted vide Notification No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son in accordance with the provisions of section 79. (4) Restoration of Bond/LUT - The export as allowed under bond or Letter of Undertaking withdrawn shall be restored immediately when the registered person pays the amount due. (5) The Board, by way of notification, may specify the conditions and safeguards under which a Letter of Undertaking may be furnished in place of a bond. (6) The provisions of rule 96A(1) of CGST Act shall apply, mutatis mutandis, in respect of zero-rated supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit without payment of integrated tax. Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports [ Circular No. 8/8/2017-GST dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment of the applicable integrated tax or under bond with bank guarantee. c) What are provisions for acceptance of LUT/Bond ? * The registered person (exporters) shall fill and submit FORM GST RFD-11 on the common portal. * An LUT shall be deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated online. d) What are the documents required for LUT ? * No document needs to be physically submitted to the jurisdictional office for acceptance of LUT. e) Time for acceptance of LUT/Bond: * An LUT shall be deemed to have been accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated online. * If it is discover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime period under rule 96A(1) of CGST Rules, 2017,the facility of export without payment of integrated tax will be deemed to have been withdrawn and if the amount mentioned in the said sub-rule is paid, the facility of export without payment of integrated tax shall be restored. f) Bank guarantee: * Since the facility of export under LUT has been extended to all registered persons, The bond will be required to be furnished by those persons who have been prosecuted for cases involving an amount exceeding ₹ two hundred and fifty lakhs. * A bond, in all cases, shall be accompanied by a bank guarantee of 15% of the bond amount. g) What are the provisions regarding running bond ? * The exporters shall furnish a running bond where th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same would be subject to GST. j) is zero rating applicable for transactions with EOUs ? * Zero rating is not applicable to supplies to EOUs and there is no special dispensation for them under GST regime. * Therefore, supplies to EOUs are taxable like any other taxable supplies. EOUs, to the extent of exports, are eligible for zero rating like any other exporter. k) is the condition of realization of export proceeds in Indian Rupee ? * Attention is invited to para A (v) Part- I of RBI Master Circular No. 14/2015-16 dated 01st July, 2015 (updated as on 05th November, 2015), which states that "there is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, Notifications and Directions fra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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