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of <h1>GST Circular: SEZs Can Use LUTs, Export to Nepal/Bhutan Qualifies if Paid in Forex, Bonds Without Guarantees Allowed.</h1> The circular addresses the acceptance of Bond/Letter of Undertaking (LUT) under the GST framework. It allows SEZ developers/units to use LUTs while maintaining existing conditions. Services supplied to Nepal or Bhutan qualify as exports if paid in convertible foreign currency. Exporters registered with recognized councils can submit bonds without bank guarantees upon proof of registration. The term 'registered person' may differ across states, but if total foreign remittances across registrations under one PAN exceed Rs. 1 crore, bonds can be submitted without guarantees. Dealers must provide a CA certificate for export/SEZ turnover for 2016-17 instead of DVAT-16/Returns.
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