Exports under LUT now open to all registered persons except certain prosecuted taxpayers, with 3 day deemed acceptance. The notice extends the facility of export under a Letter of Undertaking (LUT) to all registered persons except those prosecuted for offences with tax evasion above rupees two hundred and fifty lakhs; LUTs are valid for the financial year, may be withdrawn if export timelines and payments under rule 96A are not met, and bonds (where required) must be accompanied by a 15% bank guarantee for prosecuted persons. FORM GST RFD-11 (downloadable until portal availability) must be submitted to the jurisdictional Deputy/Assistant Commissioner; self-declaration of compliance will be accepted with post-facto verification, and LUT/bond are deemed accepted if not processed within three working days.
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Provisions expressly mentioned in the judgment/order text.
Exports under LUT now open to all registered persons except certain prosecuted taxpayers, with 3 day deemed acceptance.
The notice extends the facility of export under a Letter of Undertaking (LUT) to all registered persons except those prosecuted for offences with tax evasion above rupees two hundred and fifty lakhs; LUTs are valid for the financial year, may be withdrawn if export timelines and payments under rule 96A are not met, and bonds (where required) must be accompanied by a 15% bank guarantee for prosecuted persons. FORM GST RFD-11 (downloadable until portal availability) must be submitted to the jurisdictional Deputy/Assistant Commissioner; self-declaration of compliance will be accepted with post-facto verification, and LUT/bond are deemed accepted if not processed within three working days.
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