Following the Notification permitting all exporters to furnish Letter of Undertaking instead of Bond under the new GST regime, the Central Board of Excise and Customs (CBEC), today clarified certain issues on eligibility to export

The Reserve Bank of India ( RBI ) decided to stop the practice of issuing Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits with immediate effect. A Notification issued by the

The intention of making exports zero-rated is to make the entire supply chain of exports tax-free. However, Rule 89(4)(c) restricts the refund in case of export made through the LUT model to 1.5 times the

The advice of Special Secretary & Member, CBEC vide DO Letter dated Feb. 6 to all Chief & Principal Commissioners said that “a few field offices have requested clarification as to whether LUT for exports

The Director-General of Foreign Trade (DGFT) has enabled the Online Filing of requests for Closure of Advance Authorizations. The DGFT has revamped its IT systems to provide a paperless, contact-less, electronic interface to the exporters/importers

The Central Government today notified the tenth amendment to the Central Goods and Services Tax (CGST) Act, 2017. The amended notification says that for claiming refund in respect of supplies regarded as deemed exports, the

The Maharashtra State Government has enabled the facility of online submission of Letter of Undertaking ( LUTs )by the taxable person who makes the zero-rated supply of goods or services or both without payment of Integrated

The Central Board of Excise and Customs (CBEC) yesterday notified the conditions and safeguards for the registered person who intends to supply goods or services for export without payment of integrated tax, for furnishing a

The Allahabad High Court has sharply criticised the Goods and Services Tax ( GST ) Department for the inconsistent approach towards the Unutilised Input Tax Credit ( ITC ) refund claims of the petitioner, Samsung

Here is the complete details of the Important GST and Customs Compliances should be done before New Financial Year 2021-22. Facility of LUT w.e.f. 1st April The facility of export under Letter of Undertaking (LUT)

The Central Board of Excise and Customs (CBEC) today clarified that the exporters can manually submit the Bond/ Letter of Undertaking for exports. This is in request  from the field formations and exporters on the

The Central Board of Excise and Customs (CBEC) clarified various issues relating to furnishing of Bond/Letter of Undertaking for exports without payment of Integrated Goods and Services Tax (IGST). Rule 96A of the Central Goods

The Goods and Services Tax Network (“GSTN”) has enabled the functionality to furnish a Letter of Undertaking (“LUT”) for the Financial Year 2023-2024 on the GST Portal.  Letter of Undertaking or LUTis prescribed to be

The Customs Department recently issued a public notice clarifying the troubles related to issue of Bond or Letter of Undertaking for exports without payment of Integrated Tax under the Goods and Services Tax. The public

The Central Board of Excise and Customs (CBEC) today laid down conditions and safeguards for furnishing a Letter of Undertaking in place of a Bond by a registered person who intends to supply goods or