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LUT in GST: Full form/meaning is Letter of Undertaking. It is prescribed to be furnished in the form GST RFD 11 under rule 96 A, whereby the exporter declares that he or she will fulfill all the requirement that is prescribed under GST while exporting without making IGST payment.
GST LUT is to be submitted by all GST registered goods and service exporters. The exporters who have been prosecuted for any offense and the tax evasions exceeding Rs 250 lakhs under CGST Act or the Integrated Goods and Service Act, 2017 or any existing laws are not eligible to file the GST LUT. In such cases, they would have to furnish an Export bond.
Under CGST Rules,2017, any registered person can furnish an Export bond or LUT in GST RFD 11 without paying the integrated tax. They can apply for LUT if:
1. They intend to supply goods or services to India or overseas or SEZs
2. Are registered under GST
3. They wish to supply goods without paying the integrated tax.
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The Form RFD-11 is filed in the format below:
1. Registered Name
3. GST No.
4. Date of furnishing
5. Signature, date, and place
6. Details of witnesses (Name, address, and occupation)
Export Bond for GST
Entities that are not eligible to submit a Letter of Undertaking based on the conditions mentioned will have to furnish an export bond and a bank guarantee. The applicant needs to cover the amount of tax involved in the export based on estimated tax liability self-assessment.
Export bond should be furnished on non-judicial stamp paper of the value as applicable in the State in which the bond is being furnished.
Also, exporters can furnish a running bond, so that export bond needs not to be executed for each export transaction. However, if the outstanding tax liability on exports exceeds the bond amount at any time, then the exporter must furnish a new bond to cover the additional liability.
A bank guarantee can be mandated along with an export bond. The value of the bank guarantee should usually not exceed 15% of the bond amount. However, based on the exporter's track record, the bank guarantee required to be submitted with the export bond can be waived off by the jurisdictional GST Commissioner.
Any registered taxpayer who is into exporting goods and services can make use of Letter of Undertaking.
Any person who has been prosecuted for tax evasion for an amount of Rs. 250 lakh or above are ineligible.
The validity of such LUT's is for one year, and an exporter is required to furnish a fresh LUT for each financial year. If the conditions mentioned in the LUTs are not satisfied within the specified time limit, then the privileges will be revoked, and the exporter will have to furnish bonds.
Other assesses should furnish bonds if the export is being made without the payment of IGST. LUTs / Bonds can be used for:
1. Zero-rated supply to SEZ without payment of IGST
2. Export of goods to a country outside India without the payment of IGST.
3. It is providing services to a client in a country outside India without paying IGST.
Filemydoc.com is a leading business service platform in India that offers end-to-end GST services.
We have helped thousands of business owners to get GST registration, as well as Get LUT in GSTs.
To file a Letter of Undertaking (LUT) in a case where the exports are made without payment of taxes, below are the steps on how to file and furnish bonds when the exports are made without payment of taxes.
Some of the best reasons to choose us are:
1. A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filings. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.
2. Our platform ensures that you get timely reminders well in advance of the deadline beyond which penalty will be applicable. In addition to this, your GST advisor will also remind you periodically so that no deadlines are missed.
3. Monthly reports detailing the status of GST return filing including GSTR- 3B and the way forward will be shared with the clients by the GST advisors.
4. GSTR-1 is a quarterly return that should be filed by every business. Turnover determines the due dates for GSTR- 1. Business with sales up to Rs. 1.5 Crore can file their quarterly returns.
5. Businesses will be enabled to benefit from the input tax reconciliation mechanism provided by the government to achieve neutrality in the incidence of tax and ensure that such input tax element does not enter into the cost of production or cost of supply of goods and services.
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.
If the LUT is not filed on time the exporter is required to pay the tax while carrying out exports and then claim a refund to avail the benefit of the zero-rated exports.
Furnishing of the bond or letter of the undertaking for export of goods or services in Form RFD 11.
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