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GST LUT Bond
GST LUT Filing
- GST LUT/Bond for making exports outside India without paying IGST
-Consultancy by Chartered Accountant
- Completely online process
- Get your GST LUT Bond Issued @ just Rs 999/-
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LUT in GST
All the registered taxpayers who export the good or service now they have to apply for GST LUT Filing in order to make exports without paying IGST. The LUT stands for a letter of undertaking is to be given by the owner/managing director/working employee/proprietor of an entity in case such an entity is doing exporting business. As per the Rule, 96A read with CGST notification No. CGST-37/2017 dated 04.10.2017. Every exporter who exports goods and services out of India can supply without paying IGST through furnish this LUT bond. Initially, the export bond is available for the exporters.
To make hassle-free exporting business government has provided the option of filling GST LUT/export bond for exporters to perform export business without paying IGST. Under this letter, an exporter declares he/she would submit all the requirements prescribed under the GST while exporting without paying IGST.
All the GST registered exporters can utilize this LUT in GST that backed by the government except the exporters who have been charged in any offense or break any existing law of exporting. Exporters can also pay IGST on export and submit LUT after then claim a refund for the same.
Any registered taxpayers who are sending out products or services is qualified to utilize LUTs. If an individual who has been indicted for tax avoidance for a measure of Rs. 2.5 crores or above are not qualified under the act to outfit LUTs. Plus, the legitimacy of such LUTs is for a period of one year (till the end of the financial year). Though, an exporter furnishing LUT’s are required to furnish fresh LUT for each financial year. If in case of t, the referenced conditions in LUT are not fulfilled within a stipulated time, the benefits are disavowed, and the exporter should furnish bonds.
Unilex consultants will help you in furnishing GST LUT Filing hassle-free. Our legal advisors will provide the best advice and fill all the formalities in LUT bond on behalf of your company. So, if you are looking for a legal advisor who can prepare LUT bond for you, feel free to contact us and apply online.
Advantages of GST LUT Filing for Exporters
- Tax-Free Export – Opting for the LUT in GST enables exporters to carry out their export transactions without the burden of immediate tax payment. This contrasts the alternative, where taxes are paid and later claimed as refunds for zero-rated exports.
- Simplified Process – By utilizing the LUT, exporters avoid the complexities of claiming tax refunds or engaging in follow-ups with the tax authorities. This translates to substantial time savings and operational ease.
- Unblocked Working Capital – Funds that would have otherwise been locked as tax payments remain accessible for exporters. This is especially vital for small and medium-sized enterprises (SMEs) grappling with financing and working capital constraints.
- Liberated Resources – Regular exporters find a consistent advantage with the GST LUT Filing. Once filed, the LUT remains valid for the entire financial year. This longevity minimizes the need for repetitive filings, allowing exporters to focus on their core activities.
Documentation for GST LUT Filing
Cover letter requesting acceptance of LUT
Invoice summary against export sales and get it certified from CA.
PAN of the entity
Copy of IEC Code
Other documents listed in the form.
Process involved in GST LUT
- Step-1: Furnish details in GST RFD 11
- Step-2: Self Declaration
- Step-3: Submit letter of undertaking
Eligibility criteria
The Eligibility criteria for applying for a LUT include the following:
The Letter of Undertaking (LUT) is open for utilization by any registered taxpayer engaged in exporting goods and services. However, individuals facing prosecution for tax evasion exceeding Rs. 250 lakh or more are ineligible to benefit from this option.
Intent to Supply: The applicant should intend to supply goods or services within India, to foreign countries, or to Special Economic Zones (SEZs).
GST Registration: The entity seeking to avail the benefits of an LUT should be registered under the GST framework.
Tax-Free Supply: The desire to supply goods without the imposition of integrated tax is an essential requirement for LUT application.
Export without paying IGST can be made only after furnishing LUT bond. The government has released this notification for the exporters who export goods and services to another country. Exporters can make the payment of IGST at the time of filling LUT bond and then claim the refund later.
In the letter undertaking bond you have filled your legal name and need to select the financial year for which LUT is being filled. Enter the legal names of the two witnesses and their addresses and occupations. Along with that taxpayers also need to choose all the points of self-declarations before submitting the LUT bonds.
Yes, you can able to use LUT application after filling by following these steps, the services> user services view my submitted LUT.
GSTIN and Name (Legal Name) of the Taxpayer will be prefilled based on login. The Taxpayer needs to select the financial year for which LUT is being filed, enter the name, address, and occupation details of two independent and reliable witnesses.
It is not mandatory, but if the Taxpayer wants to record the manually approved LUT to be available in online records, he can furnish it with the online application.
Primary authorized signatory/Any other Authorized Signatory needs to sign and file the verification with DSC/EVC. The authorized signatory can be the working partner, the managing director, or the proprietor or by a person duly authorized by such operating partner or Board of Directors of such company or proprietor to execute the form.
After successful filing, the system will generate ARN and acknowledgment. You will be informed about successful filing via SMS and Email, and you can also download the acknowledgment as a PDF.
Yes, the Taxpayer will be able to see his LUT after filing.
It is mandatory to furnish the Letter of undertaking (LUT) to export the goods, services, or both without paying the IGST.
In case if the exporter fails to provide the LUT then he has to pay the IGST or furnish an export bond.
Any person who is exporting goods or services can furnish the LUT.
A person who has been prosecuted for evading tax of Rs. 2.5 crore or above under the act cannot furnish the LUT.
LUT cover letter- duly signed by an authorized person Copy of the GST registration PAN of the entity.
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