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of <h1>GST Circular Clarifies Bonds and LUTs for Exports: Eligibility, Procedures, and Documentation Requirements from July 1, 2017, Onward.</h1> The circular addresses clarifications on the furnishing of Bonds or Letters of Undertaking (LUT) for exports under GST regulations. It specifies eligibility criteria for exporters to use LUTs, requiring a minimum foreign inward remittance of 10% of export turnover or at least Rs. 1 crore in the previous financial year. It outlines procedures for submitting LUTs, processing timelines, and treatment of transactions with Export Oriented Units (EOUs) and Special Economic Zones (SEZs). The circular also discusses bank guarantees, jurisdictional authority for LUT acceptance, and documentation requirements. It emphasizes that these guidelines apply to exports from July 1, 2017, onward.
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