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of <h1>CBEC Notification No. 16/2017: Exporters Can Use LUT Instead of Bond for Tax-Free Exports. Eligibility Conditions Apply.</h1> Notification No. 16/2017 by the Central Board of Excise and Customs specifies conditions for registered persons to furnish a Letter of Undertaking (LUT) instead of a bond for exporting goods or services without integrated tax payment. Eligible parties include status holders per the Foreign Trade Policy 2015-2020 or those with foreign remittances of at least 10% of export turnover, not less than one crore rupees, from the previous year. Additionally, they must not have been prosecuted for tax evasion over 250 lakh rupees. The LUT must be submitted in duplicate annually using FORM GST RFD-11, executed by authorized personnel.
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