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of <h1>Karnataka Tax Circular Clarifies Bonds or LUT for Exporters, Extends LUT to All Except Major Tax Evaders.</h1> The circular issued by the Karnataka Department of Commercial Taxes provides clarification on the furnishing of Bonds or Letters of Undertaking (LUT) for exports without payment of integrated tax, in line with Notification No. 37/2017. It extends the LUT facility to all registered exporters, except those prosecuted for tax evasion exceeding INR 250 lakhs. The LUT is valid for the financial year, and exporters must submit FORM GST RFD-11 online. No physical documents are required for LUT acceptance, and a bank guarantee is needed for those furnishing bonds. The circular also addresses issues related to transactions with EOUs, purchases from other merchants, and export proceeds realization in Indian Rupees, aligning with RBI guidelines.
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