Bond or Letter of Undertaking requirements for duty free exports clarified; running bonds, bank guarantee limits, and LUT validity specified. Clarifies that exports without payment of integrated tax require either a Bond in FORM GST RFD 11 for non eligible exporters or a Letter of Undertaking in FORM GST 11 for eligible exporters; the bond may be a running bond covering estimated export tax liability and additional bonds must be furnished if liabilities exceed the bond amount. Jurisdictional Commissioners may require bank guarantees based on exporter track record, generally limited in amount, and LUTs are valid for twelve months with acceptance by the Deputy/Assistant Commissioner of the exporter's principal place of business.
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Provisions expressly mentioned in the judgment/order text.
Bond or Letter of Undertaking requirements for duty free exports clarified; running bonds, bank guarantee limits, and LUT validity specified.
Clarifies that exports without payment of integrated tax require either a Bond in FORM GST RFD 11 for non eligible exporters or a Letter of Undertaking in FORM GST 11 for eligible exporters; the bond may be a running bond covering estimated export tax liability and additional bonds must be furnished if liabilities exceed the bond amount. Jurisdictional Commissioners may require bank guarantees based on exporter track record, generally limited in amount, and LUTs are valid for twelve months with acceptance by the Deputy/Assistant Commissioner of the exporter's principal place of business.
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