ADVOCATE FORUM Presentation on 21/03/2017 LUT BOND.pdf · suresh aggarwal advocate mobile no....
Transcript of ADVOCATE FORUM Presentation on 21/03/2017 LUT BOND.pdf · suresh aggarwal advocate mobile no....
SURESH AGGARWAL
ADVOCATEMOBILE NO. 9810032846
EMAIL ID: [email protected]
WEBSITE: WWW.SURESHTAXATION.COM
EXPORT DOCUMENTS UNDER GST ACT
1
Export can be made either:
with payment of GST ,or
on production of LUT / Bond
2
In case of IGST payment,
the said payment can be claimedas Refund in the Return and
Payment means afteradjustment of INPUTS
3
In case of Non GSTpayment, Productionof LUT / Bond ismandatory.
4
LUT can be filed by an exporter who is :
either a status holder, or
has received convertible foreignexchange @ 10% of turnover orminimum of Rs. 1 crores in thepreceding financial year
and has not contravened any provision of lawwhich attracts evasion of tax of at least Rs.2.5 crores.
5
If an assessee is unable tofile LUT due to the abovecondition then he can fileBond along with BankGuarantee.
6
LUT / Bond would be filedby an exporter of anestimated tax liabilitywhich shall be valid for aparticular financial year.
7
LUT / Bond would be arunning document withdebit and credit amount asper billing and clearingsystem.
8
If conditions of Exports are not fulfilled, then exporter would be liable for consequential Tax and interest and LUT / Bond would become in-operative.
9
LUT / Bond would beautomatically active onpayment of due tax andinterest.
10
LUT / Bond amount can be up-graded at any time at the option of the exporter.
11
This LUT / Bond formalities has to be complied every year in the beginning for full financial year.
12
This LUT / Bond is to be filed annually on Common Portal but since the facility is not available on portal so presently it can be filed with jurisdictional commissioner.
13
As per Department Instruction , For filing LUT, the following should be filed:
(i) Request Letter on Letter Head,
(ii) GST RFD-11,
(iii) Letter of Undertaking on Letter Head,
(iv) Certificate of status holder or Bank Certificate mentioning the facts that the exporter has received the due foreign remittance amounting to 10% of turnover which would not be less than Rs. 1 crore
(v) Undertaking on Letter Head that the exporter had not been prosecuted for an offence where tax evaded exceeded Rs. 2.5 crores.
(vi) GST Registration Certificate
(vii) IEC Code
(viii) Copy of return filed under DVAT or Service tax for the preceding financial year
(ix) Exports Bill / invoices.
After filing of these documents, on scrutiny, deficiency shall be informed and after proper satisfaction, Letter of Acceptance shall be issued and that shall be used for each exports subsequently.
14
As per Department Instruction , For filing Bond, the following should be filed:(i) Request Letter on Letter Head, (ii) GST RFD-11, (iii) Bond on Rs. 100/- Stamp Paper (iv) GST Registration Certificate (v) IEC Code
(vi) Copy of return filed under DVAT or Service tax for the preceding financial year (vii) Exports Bill / invoices. (viii) Bank Guarantee of 15% of tax involved. After filing of these documents, on
scrutiny, deficiency shall be informed and after proper satisfaction, Letter of Acceptance shall be issued and that shall be used for each exports subsequently
15
Bond and Bank Guarantee should be in favor of Commissioner, State Tax, Department of Trade & Taxes, Govt. of NCT of Delhi.
Name Of The Officer Assessee Name Beginning With
M.K. Aggarwal (Ward-206) A,B,C,D,E,F,G,H,I
Anita Bharal (Ward-203) J,K,L,M,N,O,P,Q
Y.P. Singh (Ward-208) R,S,T,U,V,W,X,Y,Z
PROFORMA OF FORM GST RFD – 11
PROFORMA FOR BOND
PROFORMA FOR BANK GAURANTEE
PROFORMA FOR LUT
SURESH AGGARWAL
Any Question Please
PPT Available on our website www.sureshtaxation.com
SURESH AGGARWAL