LUT /Bond required if Life Insurance service is export of service : CBIC

By | June 4, 2018
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(Last Updated On: June 4, 2018)

Will the requirements of Letter of  Undertaking or Bond be required to  be complied with in the case of Life Insurance Premium where the  conditions of export of services are satisfied before or at the time of supply of the Life Insurance Service?

Yes. As per Section 16(3) of the IGST Act, 2017, read with Rule 96A of the CGST  Rules, 2017, an exporter is required to submit a Letter of Undertaking or Bond in case the export of service is made without payment of integrated tax.


Q 69 of GST FAQs on Financial Services Sector published by CBIC

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