Exporters: file LTU or bond for export of goods and services by 31st July, 2017 - Revised format in GST RFD 11
by Paras Mehra 9.35K
Exporters if you want to continue exporting goods without payment of GST, then you need to file the revise LTU or bond by 31st July, 2017 manually with your jurisdictional assistant commissioner who is having jurisdiction over your principle place of business.
As per government circular, the bond or LTU shall be filed by 31st July, 2017 in the revised format in form GST RFD – 11.
Why LTU and bond required to be filed?
As per GST law, if any person wants to export the goods and services without payment of GST, then he shall need to file a bond or LTU to declare that he shall fulfill all the requirements relating to exports and that he shall receive the foreign exchange in time.
What if exporter fails to file the LTU/Bond by 31 July, 2017
If any exporter fails to file the LTU or bond then he shall apply for the extension before the commissioner or he should charge GST on export and later on file for refund in form GST RFD – 01.
Is bond/LTU necessary to be file by services providers as well?
Yes, under GST, the service providers are also liable to file bond or LTU to export the services. This is being the first time, that the service providers are also liable to file the LTU/bond to continue doing export without charging the GST on it.
Is exporter of services/goods liable for refund on input tax paid?
Yes, in case you export the goods or services without charging the GST, then you can claim the goods or services used for providing the export services or goods.
You can claim the refund of electronic credit ledger by filing the form GST RFD – 01.
Conclusion
We are firmly committed to help the business in the industry and hence, if you need any help from our side, please write to us at info@hubco.in and we shall help you to file the LTU and bond with the department.
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