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Validity of bank guarantee under gst

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Vikasanand Gupta

110 Points Posted on 23 March 2020

what is the validity of the bank guarantee,
whether Life time or it is to be renewed in every financial year like LUT.

PLS CLARIFY

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Quick Summary

This discussion seeks clarification on the validity period of a bank guarantee under GST. Specifically, it questions whether the guarantee is valid for a lifetime or requires renewal each financial year, similar to a Letter of Undertaking (LUT). The provided content details extensions for GSTR-3B filing due dates for various turnover categories during early 2020, but doesn't directly address the bank guarantee validity.

Vikasanand Gupta

110 Points Posted on 23 March 2020

LUT means Letter of undertaking for export of goods without payment of IGST.

Shivam RC

Student

7666 Points Posted on 10 April 2020

FOR INFORMATION PURPOSE ONLY :

As per Notification No. 31/2020 - Central Tax, dated 03.04.2020 read with Notification No. 32/2020 - Central Tax, dated 03.04.2020, Due Date for filing FORM GSTR -3B for the month of February, March and April 2020 for the Taxpayers having Aggregate Turnover more than Rs. 5 crore in the preceding FY have been extended in the following manner :

FEBRUARY : 24.06.2020.
MARCH : 24.06.2020.
APRIL : 24.06.2020.

And as per Notification No. 36/2020 - Central Tax, dated 03.04.2020, due date for filing FORM GSTR -3B for the month of MAY 2020 have been extended to "27th June 2020".

TAXPAYERS HAVING AGGREGATE TURNOVER upto Rs. 1.5 crore in the preceding FY ( Notification No. 31/2020 - CT, Notification No. 32/2020 - CT and Notification No. 36/2020 - CT all dated 03.04.2020 )

FEBRUARY : 30.06.2020
MARCH : 03.07.2020
APRIL : 06.07.2020
MAY : 12.07.2020 & 14.07.2020. ( For specified catagory of States, different due date prescribed ).