Renewing bond for export/sale to sez units

Import / Export 445 views 3 replies

Rakesh Gupta

Manager

134 Points Joined February 2016

Last year we did a Bond Agreement in August 2017 and furnished a Bank Guarantee in form of a Fioxed Deposit (currently with Bank). Later GSTN Cameout with a notification allowing all Registered GSTN Dealers to file LUT in case they want to Export or to sell goods to SEZ Units without furnishing any Bank Guarantee.

My questions are :

1. Whether the Bond Agreement & Bank Guarantee is valid upto 1 year or for only the respective Financial Year ?

2. Can we apply for LUT for FY18-19 onwards with reference to existing Bond Agreement ?

3. Whether after submitting LUT online, do we still need to go to Jurisdictional office and pay bribes or the whole system is fully onlnie now ?

4. Once LUT is done, can we ask bank to release the Fixed Deposit from Lien ?

Expecting fast response so that our business should not get held up for a longer period.

Regards

Rakesh

Replies (3)

CA Naveen Chand

Chartered Accountant

12739 Points Joined December 2016

Originally posted by : Rakesh Gupta
	Hi Last year we did a Bond Agreement in August 2017 and furnished a Bank Guarantee in form of a Fioxed Deposit (currently with Bank). Later GSTN Cameout with a notification allowing all Registered GSTN Dealers to file LUT in case they want to Export or to sell goods to SEZ Units without furnishing any Bank Guarantee. My questions are : 1. Whether the Bond Agreement & Bank Guarantee is valid upto 1 year or for only the respective Financial Year ? 2. Can we apply for LUT for FY18-19 onwards with reference to existing Bond Agreement ? 3. Whether after submitting LUT online, do we still need to go to Jurisdictional office and pay bribes or the whole system is fully onlnie now ? 4. Once LUT is done, can we ask bank to release the Fixed Deposit from Lien ? Expecting fast response so that our business should not get held up for a longer period. Regards Rakesh

YES LUT CAN BE FILED ONLINE AND NO FURTHER PROCEDURE IS REQUIRED

Rakesh Gupta

Manager

134 Points Joined February 2016

Originally posted by : NAVEEN CHAND
	Originally posted by : Rakesh Gupta Hi Last year we did a Bond Agreement in August 2017 and furnished a Bank Guarantee in form of a Fioxed Deposit (currently with Bank). Later GSTN Cameout with a notification allowing all Registered GSTN Dealers to file LUT in case they want to Export or to sell goods to SEZ Units without furnishing any Bank Guarantee. My questions are : 1. Whether the Bond Agreement & Bank Guarantee is valid upto 1 year or for only the respective Financial Year ? 2. Can we apply for LUT for FY18-19 onwards with reference to existing Bond Agreement ? 3. Whether after submitting LUT online, do we still need to go to Jurisdictional office and pay bribes or the whole system is fully onlnie now ? 4. Once LUT is done, can we ask bank to release the Fixed Deposit from Lien ? Expecting fast response so that our business should not get held up for a longer period. Regards Rakesh YES LUT CAN BE FILED ONLINE AND NO FURTHER PROCEDURE IS REQUIRED