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of <h1>GST Circular Clarifies Export Bonds and LUTs: Eligibility, Procedures, and Payment Guidelines for EOUs and SEZs.</h1> The circular addresses issues related to the furnishing of Bonds or Letters of Undertaking (LUT) for exports under the GST framework. It clarifies that any registered exporter with a minimum foreign inward remittance of 10% of export turnover or Rs. 1 crore in the previous financial year is eligible for LUT. The procedure for submission and acceptance of LUT/Bond, emphasizing a three-day processing period. It also discusses the treatment of transactions with Export Oriented Units (EOUs) and supplies to SEZs, and the acceptance of payments in Indian Rupees for exports to Nepal, Bhutan, and SEZs, in compliance with RBI guidelines. Additionally, it highlights the liberal interpretation of bank guarantee requirements and the jurisdictional authority for accepting LUT/Bond. The circular reiterates that these guidelines apply to exports from July 1, 2017, onward.
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