Export of Services - IGST Liability

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Mayur Mahamuni (Querist)
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05 November 2017 Hello! In case export of service, we can raise Tax Invoice by applying 0% IGST, if it is against Bond. However, is it compulsory to file a bond along with bank guarantee with the GST department....? If yes, in who's favor Bond and Bank guarantee needs to be executed. Can you help out by providing format of the same. Also provide any procedure document if available for this export compliance. Thanks and Regards, Mayur Mahamuni

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 November 2017 No tax invoice to be issued issue export invoice. No IGST need to be paid furnish letter of undertaking.
https://cleartax.in/s/create-export-invoices

Mayur Mahamuni

Mayur Mahamuni (Querist)
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05 November 2017 To furnish LUT firm needs to have certain limits of turnover in a previous financial year. If firm is new then LUT can not be given. Then needs to submit bond. Please guide on bond procedure.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 November 2017 Eligibility to export under LUT: The facility of export under LUT has been now extended to all registered persons who intend to supply goods or services for export without payment of integrated tax except those who have been prosecuted for any offence under the CGST Act or the Integrated Goods and Services Tax Act, 2017 or any of the existing laws and the amount of tax evaded in such cases exceeds two hundred and fifty lakh rupees.
https://studycafe.in/2017/10/cbec-issues-clarification-on-furnishing-of-bondlut-for-exports.html

Mayur Mahamuni

Mayur Mahamuni (Querist)
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05 November 2017 Thank you Sir for your confirmation, still I have a certain doubts: 1) Is it applicable to all new business 2) Do we need to execute any bank guarantee 3) In whos faver LUT or Bank to be executed

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 November 2017 It is applicable to all new business. No need to submit bond.

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