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bond for export under rule 96A

Ramesh Babu M (95 Points)

28 July 2017

dear experts,
bond for export without payment of igst can be given in company letter head ? along with bank guarantee

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18 Replies

DILIP PATWA (9 Points)
Replied 02 August 2017

Better on non judicial stamp paper

Ramesh Babu M (95 Points)
Replied 02 August 2017

what is difference btw juducial nd non juducial stamp paper ?

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 02 August 2017

If any company don't want to make bond and wants to pay IGST then how he can pay IGST on output because export supply is subject to zero rated supply?

Ramesh Babu M (95 Points)
Replied 02 August 2017

No doubt export is zero rated supply, if there is any un utilised input tax credit in such cases they can pay igst by debiting credit ledger and they encash by refund procedure

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 02 August 2017

here how to pay gst on output for export supply?

Ramesh Babu M (95 Points)
Replied 02 August 2017

when you raise tax invoice your out put tax liability will increase and that can be adjusted in input tax credit ledger

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 02 August 2017

You didn't get my point.

export supply is zero rated supply so I can't collect IGST on my output supply.

Rajesh Karia (114 Points)
Replied 02 August 2017

Originally posted by : PRABIR PAUL
	You didn't get my point. export supply is zero rated supply so I can't collect IGST on my output supply.

What I understand is that when you raise an export invoice against payment of 18 % IGST, you show the Taxable amount & 18% IGST Tax Amount & total amount in the invoice just like an IGST invoice, you will also mention in the export invoice " Supply Meant For Exports Against Payment of IGST". Also mention the State code from where you are exporting.

During monthly returns, you will be getting the input tax credit of IGST/SGST/CGST on the purchase of the goods which are exported by you, utilize the same while paying the export IGST Liability in the monthly return. Now you make an application for refund for the IGST shown in the export invoice after the shipping bill is generated through online GST portal.

DILIP PATWA (9 Points)
Replied 02 August 2017

format of bank guarantee for export under the GST Act -

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 02 August 2017

Originally posted by : Rajesh Karia
	Originally posted by : PRABIR PAUL You didn't get my point. export supply is zero rated supply so I can't collect IGST on my output supply. What I understand is that when you raise an export invoice against payment of 18 % IGST, you show the Taxable amount & 18% IGST Tax Amount & total amount in the invoice just like an IGST invoice, you will also mention in the export invoice " Supply Meant For Exports Against Payment of IGST". Also mention the State code from where you are exporting. During monthly returns, you will be getting the input tax credit of IGST/SGST/CGST on the purchase of the goods which are exported by you, utilize the same while paying the export IGST Liability in the monthly return. Now you make an application for refund for the IGST shown in the export invoice after the shipping bill is generated through online GST portal.

But we can't collect gst from customer with 18% rate because it's 0% rate (Zero rated supply).

Rajesh Karia (114 Points)
Replied 02 August 2017

Originally posted by : PRABIR PAUL
	Originally posted by : Rajesh Karia Originally posted by : PRABIR PAUL You didn't get my point. export supply is zero rated supply so I can't collect IGST on my output supply. What I understand is that when you raise an export invoice against payment of 18 % IGST, you show the Taxable amount & 18% IGST Tax Amount & total amount in the invoice just like an IGST invoice, you will also mention in the export invoice " Supply Meant For Exports Against Payment of IGST". Also mention the State code from where you are exporting. During monthly returns, you will be getting the input tax credit of IGST/SGST/CGST on the purchase of the goods which are exported by you, utilize the same while paying the export IGST Liability in the monthly return. Now you make an application for refund for the IGST shown in the export invoice after the shipping bill is generated through online GST portal. But we can't collect gst from customer with 18% rate because it's 0% rate (Zero rated supply).