The Central Board of Indirect Taxes and Customs vide Circular No. 40/2018 dated April 6, 2018 has clarified issues related to furnishing of Bond/Letter of Undertaking for exports.
Following is the gist of the Circular for your easy reference:
- Form for LUT: The registered person (exporters) shall fill and submit FORM GST RFD-11 on the common portal. An LUT shall be deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated online.
- Documents for LUT: No document needs to be physically submitted to the jurisdictional office for acceptance of LUT.
- Acceptance for LUT/Bond: An LUT shall be deemed to have been accepted as soon as an acknowledgement for the same, bearing the ARN, is generated online. If it is discovered that an exporter whose LUT has been so accepted, was ineligible to furnish an LUT in place of bond as per Notification No. 37/2017-Central Tax, then the exporter’s LUT will be liable for rejection. In case of rejection, the LUT shall be deemed to have been rejected ab initio.