Eligibility for Letter of Undertaking clarified: exporters meeting prescribed foreign remittance thresholds may furnish LUT instead of bond. Clarification sets eligibility and procedural rules for furnishing a Letter of Undertaking (LUT) or bond for zero-rated GST exports: exporters meeting prescribed foreign inward remittance thresholds in the prior year (with a minimum absolute floor) may use LUTs; status holders qualify regardless. LUTs require letterhead signature, jurisdictional acceptance within three working days, and self-declarations are acceptable unless contradicted. Merchant purchases under CT-1 do not exempt GST; supplies to EOUs follow general tax treatment; bank guarantees may be waived liberally by the Commissioner in defined situations. The instructions apply from the stated operative date.
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Eligibility for Letter of Undertaking clarified: exporters meeting prescribed foreign remittance thresholds may furnish LUT instead of bond.
Clarification sets eligibility and procedural rules for furnishing a Letter of Undertaking (LUT) or bond for zero-rated GST exports: exporters meeting prescribed foreign inward remittance thresholds in the prior year (with a minimum absolute floor) may use LUTs; status holders qualify regardless. LUTs require letterhead signature, jurisdictional acceptance within three working days, and self-declarations are acceptable unless contradicted. Merchant purchases under CT-1 do not exempt GST; supplies to EOUs follow general tax treatment; bank guarantees may be waived liberally by the Commissioner in defined situations. The instructions apply from the stated operative date.
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