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LUT - Letter of Undertaking Registration

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To promote the export of goods or services, the government has provided various reliefs and benefits under GST. Exports help to create employment, achieve a favourable balance of payment situation and boost the economic growth of the country. GST law provides 2 options to exporters:-
1) Export without payment of Taxes by applying for LUT or Export Bond.
2) Export with payment of Taxes and claim refund later.

Export Without Charging GST Using LUT – Letter of Undertaking

Generally, when an entity exports goods or services, they are required to pay taxes on such exports. However, the GST law allows taxpayers to claim a refund of these taxes paid. The GST method also offers attractive alternative options, wherein the taxpayer can apply for Letter of Undertaking (LUT) or Export bonds with the GST department and if the application is accepted by the department then the taxpayer is not required to pay any taxes on export thereby sparing the efforts for claiming a refund and also avoid blocking of funds by way of payment of taxes.

What is LUT – Letter of Undertaking

The Letter of Undertaking (LUT) is a prescribed document to be furnished in Form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfil all the requirements prescribed under GST while exporting without making IGST payment. Any person registered under GST can submit a LUT only if they have not been prosecuted for tax evasion exceeding Rs. 2.5 Crore, or for any other offence under the CGST Act, the IGST Act 2017, or any other existing law. If the exporter does not meet the LUT requirements, his privileges can be revoked and he must leave a deposit. Please note that this Letter of Undertaking (LUT) is to be filed online before exporting any goods/services.

 

 

Benefits Of LUT And Bond

  • Export of good or services without having to pay taxes
  • Avoid the trouble of claiming a refund if tax is paid on exports
  • Frees up working capital
  • LUT once filed remains valid for a period of 12 months from the date of submission.
  • The entire process of filing of LUT and its acceptance by the department can be done online. In case of Bond, it is to be furnished manually by submitting the hardcopy of the same to the department.

Documents Required

In Case Of LUT

  • Previous LUT Certificate
  • GST Login ID and Password
  • DSC of authorized signatory
  • Details of witnesses (Name, Occupation and Address)

In Case Of Bond

  • GST Form RFD – 11 on the letterhead of the entity
  • Bond on stamp paper
  • Guarantee from Bank
  • Details of witnesses (Name, Occupation and Address)
  • Authority letter (In case of company – Board Resolution)
  • Other supporting documents
  • Copy of IEC code
  • Cancelled Cheque
  • Pan card
  • Export Invoice

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