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of <h1>Clarification on Bonds and LUTs for GST Exports: Eligibility, Submission Process, and Jurisdictional Authority Explained.</h1> The circular clarifies issues related to the furnishing of Bonds or Letters of Undertaking (LUT) for exports under the Goods and Services Tax (GST) regime. It specifies eligibility criteria for exporters to use LUTs, such as receiving a minimum foreign inward remittance of 10% of export turnover or at least Rs. 1 crore in the previous financial year. It outlines the process for submitting LUTs, the role of bank guarantees, and the jurisdictional authority responsible for accepting these documents. The circular also addresses the treatment of transactions with Export Oriented Units (EOUs) and the applicability of circulars to exports from July 1, 2017, onwards.
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