GST LUT or Export Bond Filing

Letter of Undertaking is commonly known as LUT. The Letter of Undertaking (LUT) is prescribed 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. All GST registered goods and service exporters are eligible to submit LUT except the exporters who have been prosecuted for any offence and the amount of tax evasion exceeds Rs.250 lakhs under the CGST Act or the Integrated Goods and Services Tax Act,2017 or any of the existing laws. In such cases, where the exporter is not eligible to file LUT, they would have to furnish an export bond.

Benefits of GST

Benefits of GST

  • Removing cascading tax effect
  • Entities engaginHigher threshold for registration
  • Composition scheme for small businesses
  • Simpler online procedure under GST.
  • Lesser number of compliances
  • Regulating the unorganized sector
  • Defined treatment of E-Commerce
  • Increased efficiency of logistics.

Documents

  1. Documents Required for GST LUT
    1. Incorporation certificate
    2. MOA & AOA
    3. Accounting book
    4. DSC
    5. Board Resolution
    6. Power of Authority latter (POA)
    7. Rent Agreement and Electricity bill

FAQ's

Yes, it’s mandatory to file Form GSTR-9 for normal taxpayers.

You are required to file both Form GSTR-9 and Form GSTR-9A for the respective period. The period during which the taxpayer remained as composition taxpayer, Form GSTR-9A is required to be filed. And, for period for which the taxpayer is registered as normal taxpayer, Form GSTR-9 is required to be filed.

Yes, the annual return needs to be filed even if the taxpayer has got his registration cancelled during the said financial year.

Yes

Taxpayer cannot see the link of Final return in path Services à Returns à Final Return in order to file Form GSTR-10, if the application for cancellation of registration has not been filed by the taxpayer or cancellation order has not been issued.

Pre-conditions for filing of Form GSTR-10 are: Valid User ID and password. Applied for cancellation of registration and order has been issued for cancellation of registration or in case of Suo-moto cancellation by tax authorities, an order has been issued for cancellation of registration.

One can launch the GSTR-11 Offline Tool by double clicking the downloaded GSTR_1 1_Offline_Utility.xls sheet.

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