Exports under GST
As per information received from Federation of Indian Export Organisations (FIEO), exporters have the option to either pay the applicable IGST for export goods and then claim refund or go for zero rated IGST facility for exports. Ministry of Finance has issuednotification No. 15/2017 – Central Tax New Delhi dated 1st July 2017 (copy enclosed) notifying the Central Goods and Services Tax (Third Amendment) Rules, 2017. The Rules have prescribed the procedure for exporters availing the option to supply goods or services for export without payment of integrated tax. Such exporters shall furnish, prior to export, a bond or a Letter ofundertaking in FORM GST RFD-11 to the jurisdictional Commissioner, binding himself to pay the tax due along with the interest specified under sub-section (1) of section 50 within a period of — (a) fifteen days after the expiry of three months from the date of issue of the invoice for export, if the goods are not exported out of India; or (b) fifteen days after the expiry of one year, or such further period as may be allowed by the Commissioner, from the date of issue of the invoice for export, if the payment of such services is not received by the exporter in convertible foreign exchange.