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of <h1>New Circular Simplifies Export Procedures: Bond or LUT Required for GST Compliance, Valid for 12 Months, Effective July 2017.</h1> The circular addresses issues related to the furnishing of Bonds or Letters of Undertaking (LUT) for exports without payment of integrated tax. Exporters and customs brokers have reported difficulties in complying with the procedures. As per the Central Goods and Services Tax Rules, exporters must furnish a bond or LUT in FORM GST RFD-II. Eligible exporters can use LUTs, while others must submit a bond. A running bond is preferred to ease compliance burdens. The jurisdictional Commissioner will decide on the necessity and amount of bank guarantees. LUTs are valid for twelve months, and the acceptance process is outlined for both Central and State Tax Authorities. These instructions apply to exports from July 1, 2017.
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