Letter of Undertaking for exports extended to all registered exporters with prosecutorial exceptions; LUT processing must meet strict timeframes. The facility of a Letter of Undertaking (LUT) under rule 96A is extended to all registered persons for export of goods or services without payment of integrated tax, except persons prosecuted for serious tax evasion offences; LUT is valid for the financial year but is deemed withdrawn if exports are not completed in prescribed time and tax is unpaid. Bonds, when required, must be on non judicial stamp paper and accompanied by a bank guarantee; self declaration suffices for initial acceptance and LUT/bond must be processed within three working days or deemed accepted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Letter of Undertaking for exports extended to all registered exporters with prosecutorial exceptions; LUT processing must meet strict timeframes.
The facility of a Letter of Undertaking (LUT) under rule 96A is extended to all registered persons for export of goods or services without payment of integrated tax, except persons prosecuted for serious tax evasion offences; LUT is valid for the financial year but is deemed withdrawn if exports are not completed in prescribed time and tax is unpaid. Bonds, when required, must be on non judicial stamp paper and accompanied by a bank guarantee; self declaration suffices for initial acceptance and LUT/bond must be processed within three working days or deemed accepted.
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