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of <h1>GST Circular Clarifies Bonds/LUTs for Exporters: Eligibility, Procedures, and Payments in INR for Nepal, Bhutan, SEZs.</h1> The circular issued by the Principal Commissioner of Goods & Services Tax in Ludhiana provides clarifications on the furnishing of Bonds or Letters of Undertaking (LUT) for exports under the GST regime. It specifies eligibility criteria for exporters to avail LUT facilities, emphasizing a minimum foreign inward remittance requirement. It addresses the procedural aspects of submitting LUTs and Bonds, the treatment of transactions with EOUs, and the acceptance of payments in Indian Rupees for exports to Nepal, Bhutan, and SEZs. The circular also discusses the conditions under which bank guarantees may be waived and clarifies jurisdictional responsibilities for accepting Bonds/LUTs. The guidelines are applicable for exports from July 1, 2017, onwards.
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