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of <h1>Clarification on GST Bonds and LUTs for Exports: Eligibility, Procedures, and Jurisdiction Explained.</h1> The circular provides clarifications on issues related to the furnishing of Bonds or Letters of Undertaking (LUT) for exports under the GST regime. It specifies eligibility criteria for exporters to utilize LUTs, such as receiving a minimum foreign inward remittance of 10% of export turnover or Rs. one crore, whichever is higher. It also addresses procedural aspects like the form and acceptance time for LUTs, the treatment of transactions with Export Oriented Units (EOUs), and the applicability of circulars. Additionally, it clarifies the use of bank guarantees and jurisdictional responsibilities for accepting bonds/LUTs.
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