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of <h1>Customs Circular Clarifies Bonds & LUTs for Exports: Eligibility, Procedures, GST Applicability, and Documentation from July 2017.</h1> The circular from the Office of the Commissioner of Customs clarifies issues related to the furnishing of Bonds or Letters of Undertaking (LUT) for exports. It specifies eligibility criteria for exporters to use LUTs, requiring a minimum foreign inward remittance of 10% of export turnover or Rs. 1 crore, whichever is higher. The procedures for submitting LUTs, the timeframe for acceptance, and the applicability of GST on certain transactions. It also addresses the use of bank guarantees, jurisdictional responsibilities, and documentation requirements. The circular emphasizes the liberalization of LUT facilities and the applicability of instructions from 1st July 2017.
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