Small exporters exempt from giving bank guarantee

In a major relief to small exporters, the government has exempted them from furnishing bank guarantee for shipping goods and services. Under the Goods and Services Tax (GST), an exporter can get exemption from payment of Integrated GST by submitting a bond or Letter of Undertaking (LUT) "To facilitate exports under GST, it has been decided that the facility of furnishing LUT, in place of a bond, f…