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what is my tax liability

ANIL KUMAR (Data Entry Operator) (40 Points)

21 August 2019

one prop. firm make a export sale with letter of undertaking fyi 2017 2018, export sale value rs1500000 but received rs 500000 against export sale and balance amt not received so I want to know that balance amt taxable or not. what is my tax liability

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2 Replies

PRASANT BISOYI (261 Points)
Replied 21 August 2019

You have LUT so u need not to pay nay tax liability and in this case u have received 5lakhs so on that tax u can claim refund from unutilised ITC as per Sec 54(3) of CGST Act, 2017.

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Pankaj Rawat (GST Practitioner) (55062 Points)
Replied 21 August 2019

It is obligatory , on the part of exporter to realise payment for export of goods within 9 months & if the payment is not reced. within the prescribed limit, the exporter duty is to inform the Bank about this.
The exporter has to surrender. proportionate export incentives. hence also cannot claim refund for proportionate portion for unutilized ITC .