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Validity of bank guarantee under gst

23 March 2020

what is the validity of the bank guarantee,
whether Life time or it is to be renewed in every financial year like LUT.

PLS CLARIFY

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2 Replies

Vikasanand Gupta (180 Points)
Replied 23 March 2020

LUT means Letter of undertaking for export of goods without payment of IGST.

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Shivam RC (Student) (23683 Points)
Replied 10 April 2020

FOR INFORMATION PURPOSE ONLY :

As per Notification No. 31/2020 - Central Tax, dated 03.04.2020 read with Notification No. 32/2020 - Central Tax, dated 03.04.2020, Due Date for filing FORM GSTR -3B for the month of February, March and April 2020 for the Taxpayers having Aggregate Turnover more than Rs. 5 crore in the preceding FY have been extended in the following manner :

FEBRUARY : 24.06.2020.
MARCH : 24.06.2020.
APRIL : 24.06.2020.

And as per Notification No. 36/2020 - Central Tax, dated 03.04.2020, due date for filing FORM GSTR -3B for the month of MAY 2020 have been extended to "27th June 2020".

TAXPAYERS HAVING AGGREGATE TURNOVER upto Rs. 1.5 crore in the preceding FY ( Notification No. 31/2020 - CT, Notification No. 32/2020 - CT and Notification No. 36/2020 - CT all dated 03.04.2020 )

FEBRUARY : 30.06.2020
MARCH : 03.07.2020
APRIL : 06.07.2020
MAY : 12.07.2020 & 14.07.2020. ( For specified catagory of States, different due date prescribed ).