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of <h1>Exporters Must Use Bond or LUT for Tax-Free Exports u/r 96A; Validity and Procedures Outlined.</h1> The circular addresses procedures for exporting goods and services without integrated tax payment, requiring exporters to furnish a bond or Letter of Undertaking (LUT) as per Rule 96A of the CGST Rules. Exporters eligible for LUT are specified, while others must submit a bond on non-judicial stamp paper. A running bond is preferred over consignment-wise bonds to reduce compliance burdens. The jurisdictional Commissioner decides on the bank guarantee amount, which should not exceed 15% of the bond. LUTs are valid for 12 months, and existing bonds/LUTs are valid until July 31, 2017. Bonds/LUTs are accepted by jurisdictional tax authorities, and container sealing practices remain unchanged until September 1, 2017.
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