Saqif OM (Manager(F&A)) (319 Points)
22 December 2017Dear All,
We have valid GSTIN and we have been exporting in pre GST regime.
Our doubt is that Can we Export now if we,dont have a Letter of Undertaking and whether we have to pay IGST on our exports?
If so what tax rate we have to pay? Kindly mention the procedure of refund the IGST paid? how long it take to refund?
Expecting your views.
Divakar
(Student CA Final )
(11857 Points)
Replied 22 December 2017
Saqif OM
(Manager(F&A))
(319 Points)
Replied 30 December 2017
Sir,
We deal with rubber. Its IGST rate is 18%. I am not sure,i have heard that Export now is taxed at 0.01%.Any ideas?
Because for example we normally export container valuing Rs.30 lakhs,if we have to pay IGST @ 18%,it will be huge.
So any clarification of reduced rate of tax rate for export?
Divakar
(Student CA Final )
(11857 Points)
Replied 30 December 2017
Divakar
(Student CA Final )
(11857 Points)
Replied 30 December 2017
Saqif OM
(Manager(F&A))
(319 Points)
Replied 01 January 2018
@ Divakar..Yea..thats good idea..But we have 2 units..One has LUT and without payment of IGST. Thats pretty easy thing to do.
For the other unit,we dont have LUT,(it was previously not registered with Central Excise <1.5 Cr.). We are manufacturer exporters also.We have not ITC available to that unit,as we want to close it down by selling the stock held at that unit.(no purchases after GST,and closing stock has to be exported)
So we have to pay 18% IGST na?
Divakar
(Student CA Final )
(11857 Points)
Replied 01 January 2018
Saqif OM
(Manager(F&A))
(319 Points)
Replied 01 January 2018
Can we take LUT Bond for Firms which did not had Central Excise Registration previously?(have GSTIN,IEC etc)
Divakar
(Student CA Final )
(11857 Points)
Replied 01 January 2018
Saqif OM
(Manager(F&A))
(319 Points)
Replied 01 January 2018
Thanks a lot for your reply. I thought Letter of Undertaking apply only for Firms which was registered under Cetral Excise Earlier.
Divakar
(Student CA Final )
(11857 Points)
Replied 01 January 2018
Divakar
(Student CA Final )
(11857 Points)
Replied 02 January 2018
Divakar
(Student CA Final )
(11857 Points)
Replied 02 January 2018
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