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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 bill


  • Quoting 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 bill


  • As 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).

Drawback


  • During 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.





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What is New?

Date: 17-11-2017
Notification No. 88/2017-Customs
Seeks to increase import tariff rate of soya beans from 30% to 45%.

Date: 17-11-2017
Notification No. 87/2017-Customs
Seeks to (1) Increase the BCD on crude palm oil of edible grade from 15% to 30%; and (2) Increase the BCD on refined palm oil of edible grade from 25% to 40%. (3) Increase the BCD on crude sunflower oil from 12.5% to 25%; (4) Increase the BCD on refined sunflower oil of edible grade from 20% to 35%; (5) Increase the BCD on crude soya bean oil from 17.5% to 30%; (6) Increase the BCD on refined soya bean oil from 20% to 35%; (7) Increase the BCD on crude rapeseed oil including canola oil (Low erucic acid rapeseed oil), mustard oil and colza oil from 12.5% to 25%; (8) Increase the BCD on refined rapeseed oil including canola Oil (Low erucic acid rapeseed oil), mustard oil, and colza oil from 20% to 35%;

Date: 16-11-2017
Notification No. 110/2017 - Customs (N.T.)
Exchange Rates Notification No.110/2017-Custom(NT) dated 16.11.2017

Date: 15-11-2017
Notification No. 109/2017 - Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg

Date: 15-11-2017
Notification No. 66/2017-Central Tax
Seeks to exempt all taxpayers from payment of tax on advances received in case of supply of goods

Date: 15-11-2017
Notification No. 65/2017-Central Tax
Seeks to exempt suppliers of services through an e-commerce platform from obtaining compulsory registration

Date: 15-11-2017
Notification No. 64/2017-Central Tax
Seeks to limit the maximum late fee payable for delayed filing of return in FORM GSTR-3B from October, 2017 onwards

Date: 15-11-2017
Notification No. 63/2017-Central Tax
Seeks to extend the due date for submission of details in FORM GST-ITC-04

Date: 15-11-2017
Notification No. 62/2017-Central Tax
Seeks to extend the time limit for furnishing the return in FORM GSTR-6 for the month of July, 2017

Date: 15-11-2017
Notification No. 61/2017-Central Tax
Seeks to extend the time limit for furnishing the return in FORM GSTR-5A for the months of July to October, 2017



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