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of <h1>Circular Clarifies Exporter Eligibility for LUTs Under GST, Details on Bonds, CT-1 Forms, and Bank Guarantees.</h1> The circular addresses issues related to the furnishing of Bonds or Letters of Undertaking (LUT) for exports under GST. It clarifies eligibility criteria for exporters to use LUTs, requiring a minimum foreign inward remittance of 10% of export turnover or at least Rs. one crore in the previous financial year. It also outlines the process for acceptance of LUTs/Bonds, treatment of CT-1 forms, transactions with EOUs, and remittances in Indian Rupees. The circular emphasizes liberal implementation of bank guarantees and specifies the jurisdictional authority for accepting LUTs/Bonds. It reiterates that the instructions apply to exports from July 1, 2017.
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