All registered taxpayers who export the goods or services will now have to furnish Letter of Undertaking (LUT) in GST RFD-11 form on the common portal of GSTN in order to make exports without payment of IGST. Letter of the undertaking has to be filed /submitted online before exporting the goods/services. Earlier LUT could only be filed offline at the concerned GST office. But to further ease the process the Government has made the LUT filing online.
Hence, If you are engaged in Import Export business, then it would always be a great option to file an LUT for getting exemption from paying GST.
Pay IGST on exports and then after claim refund for the same.
Once you submit the LUT, it is valid for one whole year.
There would be no additional compliance.
IGST will not have to be paid on exports for a year.
A fresh LUT should be filed for each new financial year. One LUT will be valid for one financial year. That means if you have filed an LUT for FY 2019-20, it would expire on 31st March, 2020. So for FY 2020-21, a Fresh LUT needs to be filed.
With our experienced and skilled personnel, We at UpriseLegal makes process of Letter of Undertaking (LUT) in GST very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on how to do Letter of Undertaking (LUT) in GST, as UpriseLegal is there to provide all the assistance that you need. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow! You may get in touch with our compliance manager on 9173512402 or email us at [email protected] for free consultation.