Eligibility for Letter of Undertaking expanded to suppliers meeting foreign remittance criteria permitting LUT in place of bond for exports. Clarification sets out that a Letter of Undertaking (LUT) for zero rating exports is available to any registered person meeting specified foreign inward remittance thresholds or to status holders regardless of thresholds; LUTs/bonds must be accepted within three working days, supplies to EOUs and merchant exporter purchases are taxable unless exported by the actual exporter under LUT or IGST payment, bank guarantees may be limited or waived on grounds such as export promotion council registration or aggregation of remittances across state registrations, and self declarations and submitted proof are to be accepted unless contrary evidence exists.
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Provisions expressly mentioned in the judgment/order text.
Eligibility for Letter of Undertaking expanded to suppliers meeting foreign remittance criteria permitting LUT in place of bond for exports.
Clarification sets out that a Letter of Undertaking (LUT) for zero rating exports is available to any registered person meeting specified foreign inward remittance thresholds or to status holders regardless of thresholds; LUTs/bonds must be accepted within three working days, supplies to EOUs and merchant exporter purchases are taxable unless exported by the actual exporter under LUT or IGST payment, bank guarantees may be limited or waived on grounds such as export promotion council registration or aggregation of remittances across state registrations, and self declarations and submitted proof are to be accepted unless contrary evidence exists.
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