Vide its Circular no. 26 / 2017 - Customs, dated 1 July 2017, Government of India has prescribed the procedure for export and for sealing of containerized cargo,
Provisions related to Exports are contained in section 16 of IGST Act, 2017 where supplies of goods and services have been categorized as ‘Zero Rated Supply’ implying that goods could be exported under two options:
- Under Bond or LUT without payment of IGST and refund of unutilized ITC,
- Payment of IGST with refund of such tax paid.
Formats for the Bond & Letter of undertaking have been attached separately.