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of <h1>Circular Clarifies Use of LUTs for Exporters Under GST; Eligibility, Submission, and Zero-Rating Rules Explained.</h1> The circular addresses issues related to furnishing Bonds or Letters of Undertaking (LUT) for exports under GST. It clarifies eligibility criteria for exporters to use LUTs, emphasizing that any registered person with foreign inward remittance of at least 10% of export turnover or Rs. one crore is eligible. It specifies that LUTs can be submitted on letterhead and must be processed within three working days. The circular also clarifies that zero-rating applies to actual exporters only, not intermediary transactions, and provides guidelines on bank guarantees and jurisdictional authority for accepting LUTs. It reiterates that these instructions apply to exports after July 1, 2017.
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