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GST LUT Filing

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What is GST LUT Filing?

Under the GST regime, exporters are expected to pay the IGST on the export of products or services and then claim a refund against the tax paid. Needless to say, this would have squeezed the cash flow cycle for many businesses.

Exporters are instead given an option to file a Letter of Undertaking under form GST RFD 11 instead of paying the integrated tax upfront.

Benefits of getting an LUT

  1. Cash Flow Impact: Exporters now dont need to front the tax payment on goods. This means cash flows can be better utilised elsewhere.
  2. No need to claim refund: Since Integrated tax is not paid upfront, there is no need to spend many hours on claiming a refund.
  3. 1 year validity: The LUT once filed, is valid for one whole year. This means that for a business that regularly exports products or services, it doesn't need to worry about GST related compliances while making the supply.<

Eligibility

The following entities can provide an export bond or LUT in the GST RFD 11 without having to pay an integrated tax upfront

  1. Entities registered under GST; who
  2. Intend to supply goods or services Overseas, India or Special Economic Zones
  3. Do not wish to pay IGST upfront.

However, entities that have been prosecuted for tax evasion exceeding Rs. 2.5 crores in the past or any other offence under the IGST Act, CGST Act or any other prevailing statute, are not eligible to apply for an LUT.

Documents Required for Filing an LUT

  1. An LUT acceptance letter signed by an authorised signatory
  2. PAN Card Copy
  3. GST Registration Certificate
  4. KYC of Authorised Person
  5. Copy of the Import Export Code
  6. GST RFD 11 Form
  7. Cancelled Cheque
  8. Authorization letter

FAQs

  1. What is an authorised signatory?
  2. Is it mandatory to get a Letter of Undertaking?
  3. What if an LUT is not taken in time?

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What is GST LUT Filing?

Under the GST regime, exporters are expected to pay the IGST on the export of products or services and then claim a refund against the tax paid. Needless to say, this would have squeezed the cash flow cycle for many businesses.

Exporters are instead given an option to file a Letter of Undertaking under form GST RFD 11 instead of paying the integrated tax upfront.

Benefits of getting an LUT

  1. Cash Flow Impact: Exporters now dont need to front the tax payment on goods. This means cash flows can be better utilised elsewhere.
  2. No need to claim refund: Since Integrated tax is not paid upfront, there is no need to spend many hours on claiming a refund.
  3. 1 year validity: The LUT once filed, is valid for one whole year. This means that for a business that regularly exports products or services, it doesn't need to worry about GST related compliances while making the supply.<

Eligibility

The following entities can provide an export bond or LUT in the GST RFD 11 without having to pay an integrated tax upfront

  1. Entities registered under GST; who
  2. Intend to supply goods or services Overseas, India or Special Economic Zones
  3. Do not wish to pay IGST upfront.

However, entities that have been prosecuted for tax evasion exceeding Rs. 2.5 crores in the past or any other offence under the IGST Act, CGST Act or any other prevailing statute, are not eligible to apply for an LUT.

Documents Required for Filing an LUT

  1. An LUT acceptance letter signed by an authorised signatory
  2. PAN Card Copy
  3. GST Registration Certificate
  4. KYC of Authorised Person
  5. Copy of the Import Export Code
  6. GST RFD 11 Form
  7. Cancelled Cheque
  8. Authorization letter

FAQs

  1. What is an authorised signatory?
  2. Is it mandatory to get a Letter of Undertaking?
  3. What if an LUT is not taken in time?