08
Oct2017

Clarification on issues related to furnishing of Bond/Letter of Undertaking (LUT) for exports

As per Notification No.- 37 /2017 – Central Tax dated 4th October 2017

 

  • Every registered persons who intend to export the goods or services without payment of IGST shall be eligible to furnish a LUT in place of a bond except those who have been prosecuted for any offence under the CGST Act, 2017 or the IGST Act, 2017 or any of the existing laws in force in a case where the amount of tax evaded exceeds two hundred and fifty lakh rupees
  • LUT shall be furnished on the letter head of the registered person, in duplicate, for a financial year in the annexure to FORM GST RFD – 11 and it shall be executed by the working partner, MD or CS or the proprietor or by a person duly authorised by such working partner or Board of Directors of such company or proprietor;
  • The provisions of this notification shall mutatis mutandis apply in respect of zero-rated supply of goods or services or both made by a registered person to a Special Economic Zone developer or Special Economic Zone unit without payment of integrated tax.

Our Corporate Professional Team is ever willing to provide assistance on any issue concerning GST, Insolvency and Bankruptcy Law, Business Model Advisory in India and Abroad, Customs Law, Corporate & Commercial Advisory, IPRs. Secretarial Compliances, Agreement Drafting & Negotiations etc. you may write us on contact@legale-services.com

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