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Issue Related To Furnishing Of Bond

By Author: manjeet kumar
Total Articles: 3

Issues related to furnishing of Bond/Letter of Undertaking for exports – Further Simplified
Practical problems were faced by exporters and other field formations while at the time of submitting LUTs online in FORM GST RFD-11 on the common portal the LUTs so filed were not visible to jurisdictional officers of Central Board of Indirect Taxes and Customs and of a few States. CBEC has issued a circular (No. 40/14/2018-GST dated April 6, 2018 bearing file no F. No. 349/82/2017-GST)regarding the acceptance of LUTs being submitted online in FORM GST RFD-11.
With the said circular partial modification has been done to Circular No. 8/8/2017-GST dated 4th October, 2017, sub-paras (c), (d) and (e) of para 2 wherein they have been replaced by the following:
“c) Form for LUT:
Circular No. 8/8/2017-GST dated 4th October, 2017: Registered Exporter was expected to download FORM GST RFD-11(as the online facility was not available) from the portal and furnish the dully filled & executed by the authorized to jurisdictional Deputy/Assistant commissioner. The LUT should be executed in letter head of registered exporter and in duplicate. And the bond, wherever required, shall be furnished on non-judicial stamp paper of such value as may be applicable.
Circular No. 40/14/2018-GST dated April 6, 2018: With the online facility now available on http://www.cbec.gov.in/ , every registered exporter shall fill and furnish the FORM GST RFD-11 on this common portal of CBEC. Once the acknowledgement for the same, having the Application Reference Number (ARN), is generated online LUT shall be deemed to be accepted.
d) Documents for LUT:
Circular No. 8/8/2017-GST dated 4th October, 2017: An exporter was required to submit a self-declaration to the effect that he has not been prosecuted and it would suffice for the purposes of Notification No. 37/2017- Central Tax dated 4th October, 2017. This self-declaration can be verified on post-facto basis.
Circular No. 40/14/2018-GST dated April 6, 2018: An exporter need not submit any self-declaration physically to the jurisdictional office for acceptance of LUT.
e) Acceptance of LUT/bond:
Circular No. 8/8/2017-GST dated 4th October, 2017: It was clarified that LUT/bond along with the self-declaration discussed above once furnished should be accepted within a period of three working days of its receipt. It shall be deemed to have been accepted if it is not explicitly accepted within such time period.
Circular No. 40/14/2018-GST dated April 6, 2018: Once the acknowledgement having the Application Reference Number (ARN), is generated online an LUT shall be deemed to have been accepted. If later on it is found that exporter who’s LUT has been so accepted was ineligible to furnish LUT, then such LUT will be treated as rejected ab initio.
Also Read: https://www.getsetbusiness.com/gst-articles/relief-to-exporters-to-furnish-lut
For details please read CBEC Circular
http://cbec.gov.in/resources//htdocs-cbec/gst/circularno-40-cgst.pdf
https://cbec-gst.gov.in/pdf/Master_circular_LUT_Bond_04102017.pdf

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