GST India Solution

39(RE-2009)/2009-14, Dated: 15/07/2010

Government of India

Ministry of Commerce & Industry

Directorate General of Foreign Trade

Udyog Bhavan, New Delhi.

Policy Circular No. 39/2009-2014 Dated 15th July 2010

To,

All Regional Authorities;

Trade & Industry

Subject: Execution of LUT/BG against Import Authorisation issued by import of Restricted Items on Re-export basis.

This refers to the Import Authorisation which are approved for import of restricted items on re-export basis by the EFC. To ensure that goods are re-exported by the importers as declared by them at the time of application for Import Authorisations, it has been decided that Regional Authority (RA) concerned will take LUT/BG from the importers at the time of issuance of such authorization as per the following details:-

1. The status holders and manufacturers with a turnover of 5 Cr and above, shall execute only a LUT for the full import value.

2. Other importers, not covered by Sl.No. 1 above, shall execute LUT for the full import value along with a bank guarantee (BG) for a value of Rs. 1 lakh (one lakh Rupees).

3. LUT / BG should have a minimum validity for a time period covering the re-export time plus six months.

4. LUT/BG should be redeemed by RA as soon as the documentary evidence for re-export of goods is furnished by the importer.

This issues with the approval of Competent Authority.

(SHUBHRA)

Joint Director General of Foreign Trade

Tel. 011-23063249

(Issued from F.No.01/53/8/484/AM010/N-23/Import Cell)

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Who We Are

GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Why

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .