Page 33 - Chemexcil NEWS August - September 2017 for web

bond amount and the commissioner may waive
off the requirement to furnish a bank guarantee,
considering the facts of each case. Some of the
cases, where the commissioner can waive off
bank guarantee are as under: a) in the case of
an exporter registered with a recognised export
promotion council, if he submits a self-attested
copy of the proof of registration with a recognised
Export Promotion Council; or b) if the condition
of receipt of 10 percent foreign inward remittance,
subject to a minimum of Rs 1 crore (as mentioned
above), is not fulfilled by a registered person in
one state but the condition is fulfilled for the entity copy of the proof of status should suffice.
as a whole (including registrations in all states).
Jurisdiction for submission of bond/LUT:The bond/
LUT submitted by an exporter will be accepted by
the DC/AC having jurisdiction over his principal
place of business. The exporter can submit a
bond/LUT to the central tax authority or the state
tax authority, till the administrative mechanism
for assigning taxpayers to respective authority
10. INDIAN EXPORTS RISE FOR 11TH STRAIGHT MONTH IN JULY,
GROW 4%
New Delhi, Aug 14 (IANS) Indian exports rose
for the 11th consecutive month in July 2017, of-
ficial data showed on Monday.
Exports in July at $22.5 billion recorded a growth
of over 3.9 per cent on the back of a healthy rise
in shipments of engineering goods, petroleum
products and chemicals, according to data
released by the Commerce Ministry.
The country’s exports during the corresponding
month of last year stood at $21.69 billion.
“In continuation with the positive growth
exhibited by exports for the last eleven months,
exports during July 2017 have shown growth of
3.94 per cent in dollar terms valued at $22,543.80
million as compared to $21,689.57 million during
July,2016.,” the ministry statement said.
is implemented. However, the central tax officers
will facilitate all exporters, whether or not they
were registered with the Central Government in
the earlier regime.
Documents for LUT: Documents submitted as
proof of fulfilling the conditions of LUT shall be
accepted unless there is evidence to the contrary.
Further, the self-declaration of documents should
be accepted unless there is specific information
otherwise and verification, if any, may be done on
post facto basis. For status holders, a self-attested
Time of applicability of the circulars: Applicability
of all the instructions and clarifications issued
relating to submission of bond/LUT in previous
circulars as well as present circulars are applicable
for exports on or after July 1, 2017.
(Source:- https://www.bloombergquint.com/
opinion/2017/08/16/gst-more-clarifications-from-cbec-on-
letter-of-undertaking-for-exports dated 16th August-2017)
“During July 2017, major commodity groups
of export showing positive growth over the
corresponding month of last year are engineering
goods (15.16 per cent), petroleum products (20.27),
organic and inorganic chemicals (20.67), cotton
yarn/fabrics/made-ups, handloom products etc.
(5.39) and marine products(30.53),” it said.
However, the country’s imports during the month
under review also increased by 15.42 per cent to
$33.99 billion from $29.45 billion.
“Major commodity group of imports showing
high growth in July 2017 over the corresponding
month of last year are petroleum, crude and
products (15.02 per cent), electronic goods (22.5),
machinery, electrical and non-electrical (7.34),
31 August-September-2017