Notification No. 37 /2017 – Central Tax -Dt 4 October 2017 & Circular no 8/8/2017

Notes and major changes as per the notifications (Author's notes)-

1- ALL REGISTERED PERSONS - Supply GOODS or SERVICES or BOTH > can now place LUT (letter of undertaking)  except -

- Any prosecution under CGST act/IGST etc or where tax evasion amount is > 250,00,000

2- LUT as above to be furnished on letterhead of registered person with some other regular formalities as per rules,

3- Reg person needs to PAYOFF all liabilities related to export WITHIN TIME or the ABOVE FACILITY will be WITHDRAWN.....> after payment it will BE RESTORED,

4- SAME WILL APPLY TO zero-rated supply of goods or services or both made by a registered person (including a Special Economic Zone developer or Special Economic Zone unit) to a Special Economic Zone developer or Special Economic Zone unit without payment of integrated tax,

For reading full text of the notification please refer link - http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-37-central-tax-english.pdf

A circular has been issued also in order to clarify and merge previously issued notification in this regards. refer link - http://www.cbec.gov.in/resources//htdocs-cbec/gst/Final_Master_circular_LUT_Bond_04102017.pdf