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of <h1>GST Circular Clarifies Use of LUTs for Exporters, Eligibility Criteria, Submission Process, and Payments in INR for Specific Regions.</h1> The circular clarifies issues regarding the furnishing of Bonds or Letters of Undertaking (LUT) for exports under the GST regime. It specifies eligibility criteria for exporters to use LUTs instead of bonds, requiring a minimum foreign inward remittance of Rs. 1 crore or 10% of export turnover in the previous financial year. It addresses the submission process, timeframes, and the role of jurisdictional officers in accepting LUTs or bonds. The circular also clarifies the treatment of transactions with Export Oriented Units (EOUs) and the acceptance of payments in Indian Rupees for exports to Nepal, Bhutan, and SEZ units, in accordance with RBI guidelines.
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