What you need to know for exporting under GST: EximGuru.com What you need to know for exporting under GST GSTIN/PAN and Invoice information in shipping billQuoting GSTIN in shipping bill is mandatory, if the export product attracts GST for domestic clearance.Quoting PAN (Permanent Account Number), which is authorized as Import Export code by DGFT, would suffice if the exporter exclusively deals with products which are either wholly exempt from GST or out of GST regime.In case of exports by specialized agencies such as United Nations Organization or notified Multilateral Financial Institutions, Embassies and Consulates, the exporter can quote Unique Identity Number, instead of GSTIN, in the shipping bill.Without GSTIN or PAN or UIN, the Shippigng bill cannot be filed.The claim for refund of IGST paid or Input Tax Credit on inputs consumed in goods exported cannot be processed without GSTIN and GST Invoice details in shipping bill.Commercial Invoice information should be provided in the shipping bill. Wherever Commercial Invoice is different from Tax Invoice, details of both have to be provided in the shipping bill.Taxable value and Tax amount should be mentioned against each item in the shipping bill for processing the refund amount. Multiple tax invoices issued by same GSTIN holder are allowed in one shipping bill for the same consignee.State code is part of GSTIN numbering scheme. However, in the shipping bill for the field “State of origin” declare the State code from where export goods originated as it was being done before.Bond or LUT along with shipping billAs per rule 96A of the Central Goods and Services Tax Rules, 2017, any registered person exporting goods without payment of integrated tax is required to furnish a bond or a Undertaking (LUT) in FORM GST RFD-11.The following registered person shall be eligible for submission of Letter of Undertaking in place of a bond:- (a) a status holder as specified in the Foreign Trade Policy 2015-2020; or (b) who has received the due foreign inward remittances amounting to a minimum of 10% of the export turnover, which should not be less than one crore rupees, in the preceding financial year, and he has not been prosecuted for any offence under the Central Goods and Services Tax Act, 2017 (12 of 2017) or under any of the existing laws in case where the amount of tax evaded exceeds two hundred and fifty lakh rupees (Notification No. 16/2017 – Central Tax dated 07th July, 2017 refers).The bond shall be furnished on non-judicial stamp paper of the value ad applicable in the State in which bond is being furnished.The exporters shall furnish a running bond, in case he is required to furnish a bond, in FORM GST RFD-11. The bond would cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself.Based on the track record of exporter, a bank guarantee to be submitted along with the bond may be waived off by the jurisdictional GST Commissioner. The bank guarantee should normally not exceed 15% of the bond amount (Circular No. 4/4/2017-GST dated 07th July, 2017 refers). DrawbackDuring the transition period of three months i.e. 1.7.2017 to 30.9.207, composite rates of All Industry Rate (AIR) drawback are available to exporter.These composite rates are subject to certain conditions during the transition period that input credit/refund under GST and drawback of composite rates notified are not taken together for the export product.Exporter has to produce a certificate to the above effect from jurisdictional GST officer to avail composite rate. This requirement is applicable to supplies for export made on or after 1.7.2017, as all exporters are required to operate under GST from that date.The requirement of certificate is not a new requirement. All registered persons who were exporting under bond or on claim for rebate were producing such certificate prior to 1.7.2017 also.In case export goods have been cleared from the factory or warehouse etc. Prior to 1.7.2017 but let export order has not been given till 30.6.207, certificate from GST officer is not required. For such goods, only a declaration from exporter or certificate from the then Central Excise officer, as applicable, is required.In case exporter is unable to produce the requisite certificate for claiming composing AIR at the time of export, then exporter should have the shipping bill amended to claim lower AIR (Customs Portion) at time export. The exporter can claim balance amount of drawback as supplementary claim when he produces certificate.Instructions issued to all jurisdictional authorities to ensure smooth clearance of export consignments. Latest Import Export News DateSubject 06-03-2021Induction furnace owners meet to discuss GST complications 06-03-2021RBI's forex reserves increase by $689 mn to $584.55 bn 06-03-2021Govt to tread cautiously in allowing nano-zinc and nano-copper crop nutrients 06-03-2021Indian tea exports dip 18% in 2020 06-03-2021FinMin report: Economic activity in FY21 to beat estimate 05-03-2021Agri Picks Report: Geojit 05-03-2021Record high pump prices threaten India's road to recovery 05-03-202171% of India Inc optimistic about economic recovery in 2021, higher than global average 05-03-2021Aluminium industry seeks incentive under RODTEP scheme 05-03-2021Non-basmati rice exports increase to Rs 26,058 crore during April-Jan
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 06-03-2021 Induction furnace owners meet to discuss GST complications Date: 06-03-2021 RBI's forex reserves increase by $689 mn to $584.55 bn Date: 06-03-2021 Govt to tread cautiously in allowing nano-zinc and nano-copper crop nutrients Date: 06-03-2021 Indian tea exports dip 18% in 2020 Date: 06-03-2021 FinMin report: Economic activity in FY21 to beat estimate Date: 05-03-2021 Agri Picks Report: Geojit Date: 05-03-2021 Record high pump prices threaten India's road to recovery Date: 05-03-2021 71% of India Inc optimistic about economic recovery in 2021, higher than global average Date: 05-03-2021 Aluminium industry seeks incentive under RODTEP scheme Date: 05-03-2021 Non-basmati rice exports increase to Rs 26,058 crore during April-Jan What is New? Date: 05-03-2021 Notification No. 27/2021- Customs (N.T.) Notification in relation to Land Customs Stations and routes "the river route as per the Protocol on Inland Water Transit and Trade between India and Bangladesh connecting Tribeni (Bandel) in India to Bangladesh" by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994. Date: 05-03-2021 Notification No. 12/2021 -Customs (ADD) Seeks to impose anti-dumping duty on imports of 'Black Toner in powder form' originating in or exported from China PR, Malaysia, and Chinese Teipei for a period of 5 years from the date of imposition of provisional ADD, i.e. from 10th August 2020. Date: 04-03-2021 Notification No. 26/2021 - Customs (N.T.) Exchange rate Notification No.26/2021-Cus (NT) dated 04.03.2021. Date: 03-03-2021 Notification No. 11/2021 -Customs (ADD) Seeks to further amend notification No. 6/2016-Customs (ADD) dated 8th March, 2016 to extend the levy of Anti-Dumping duty on Phenol originating in or exported from European Union and Singapore, up to and inclusive of 7th June, 2021. Date: 02-03-2021 Trade Notice No. 45/2020-21 Procedure and Criteria for submission and approval of applications for export of Diagnostic Kits and their components/laboratory reagents Date: 01-03-2021 Trade Notice No. 44/2015-2020-DGFT Online Module for Adjudication, Appeal, Review proceedings under Foreign Trade (Development & Regulation) Act, 1992, ('the Act') as amended and Foreign Trade (Regulation) Rules, 1993, ('the Rules') as amended. Date: 28-02-2021 Notification No. 04/2021 – Central Tax Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 31.03.2021. Date: 26-02-2021 A.P. (DIR Series) Circular No. 12 Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds - Relaxations Date: 26-02-2021 Notification No. 25/2021-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg. Date: 25-02-2021 Notification No. 09/2021 -Customs (ADD) Seeks to amend notification no 29/2017-Customs (ADD) dated 14.06.2017 so as to extend the said notification up to 28.06.2021.
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