<p style="text-align:justify"><span style="font-size:14px"><span style="color:#34495e">Circular No. 4/4/2017-GST dated 07.07.2017 has clarified that the existing Bonds/LUTs shall be valid till 31.07.2017 after which the Bonds/LUTs shall have to be executed in the newly prescribed formats. New formats of bond and LUT have been prescribed under Rule 96A of CGST Rules, 2017.&nbsp;ARE-1 procedure is being dispensed with except in respect to commodities which continue to attract Central Excise duty.</span></span></p>