A Letter of Undertaking (LUT) is a document that allows exporters to ship goods and services overseas without having to pay Integrated Goods and Services Tax (IGST). Here’s a step-by-step guide to filing LUT in GST:
- Log in to the GST portal using your credentials.
- Go to the ‘Services’ tab and select ‘User Services’.
- Click on the ‘Furnish Letter of Undertaking (LUT)’ option.
- Fill in the required details such as the name of the authorized signatory, the name of the company, and the PAN number.
- Upload the supporting documents, such as the GST registration certificate, bank account details, and a copy of the previous year’s export turnover.
- Submit the LUT online and wait for the verification process to be completed.
- If the LUT is approved, you will receive an email notification. You can then download the approved LUT from the GST portal.
It’s important to note that the LUT is valid for one financial year and needs to be renewed annually. If the export turnover exceeds Rs. 50 lakhs in a financial year, the exporter must file a bond instead of a LUT. Additionally, if any information in the LUT is found to be incorrect or false, it can lead to penalties and legal consequences.
FAQ’s
What is the GST LUT form?
The GST LUT form is a Letter of Undertaking (LUT) that allows exporters to ship goods and services overseas without having to pay Integrated Goods and Services Tax (IGST).
Who can file the GST LUT form?
Any registered exporter who wishes to export goods or services without paying IGST can file the GST LUT form.
What are the documents required to file the GST LUT form?
The documents required to file the GST LUT form include the GST registration certificate, bank account details, and a copy of the previous year’s export turnover.
Is there a fee to file the GST LUT form?
No, there is no fee to file the GST LUT form.
How long is the GST LUT form valid?
The GST LUT form is valid for one financial year and needs to be renewed annually.
What happens if any information in the GST LUT form is found to be incorrect or false?
If any information in the GST LUT form is found to be incorrect or false, it can lead to penalties and legal consequences.
What is the difference between the GST LUT form and a bond?
If the export turnover exceeds Rs. 50 lakhs in a financial year, the exporter must file a bond instead of a LUT. The bond serves as a guarantee that the exporter will pay the IGST if they fail to meet the export requirements.
