Deemed approval of LUT under GST- No Physical Document Required

In a recent circular issued by the Central Board of Indirect Taxes and Customs (CBIC), the board made clarifications on issues related to the furnishing of Bond / Letter of Undertaking ( LUT ) for exports. The circular clarified that a Letter of Undertaking ( LUT ) shall be deemed to be accepted as soon as an acknowledgement bearing the Application Reference Number, is generated online. It further clarified that no documents are required to be physically submitted to the jurisdictional office for acceptance of LUT. The Circular also stated that if an exporter’s LUT has been accepted and later…

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