GST LUT Filing

GST LUT (Letter of Undertaking) Filings is like getting a special permission slip for businesses. Imagine you want to send goods outside your country without paying tax upfront. Normally, that’s not allowed. But with this LUT permission slip, businesses can do just that.

They can export goods without paying tax first, promising they will complete the required processes later. It’s beneficial for businesses because they don’t have to block their money in taxes at the start. Instead, they can use that money to help grow their business. But there’s a catch: they must make sure to follow the rules and complete the necessary steps afterward. If they don’t, they might face penalties.

So, GST LUT Filings are important because they help businesses save money upfront, but they must be responsible in return. It’s a trust-based system. The government trusts businesses with this benefit, hoping they’ll act correctly.

This system supports exporters, making it easier for them to do business and boost the country’s exports. In simple words, GST LUT Filings is like a trusty handshake between businesses and the government, helping both sides grow and prosper.

GST LUT Filing 

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Sail Smoothly | Simplifying GST LUT Fillings for International Trade

Are you an exporter looking to ship goods or services overseas without the burden of IGST? You’ve come to the right place. Welcome to FileWithCA, your one-stop solution for smooth, hassle-free GST Letter of Undertaking (LUT) filings.

What is GST LUT?

GST LUT, or Letter of Undertaking, is a provision under the Goods and Services Tax (GST) regime in India that allows exporters to ship goods or services without paying the Integrated Goods and Services Tax (IGST).

This letter, once approved, assures the government that you will abide by all the GST provisions and export the goods or services within the prescribed time limit.

 

LUT stands for “Letter of Undertaking.” It’s a document that exporters need to file with the government of India to export goods or services without paying IGST (Integrated Goods and Services Tax).

The LUT allows exporters to avoid the payment of IGST, with the condition that they will complete the export process within a given time frame.

 

To file GST LUT, here are the steps to follow:

 

  1. GST Registration: The exporter must first be registered under the Goods and Services Tax (GST) regime.

     

  2. Access GST Portal: Visit the GST portal at www.gst.gov.in.

     

  3. Login: Use your login credentials to sign in. These credentials would have been provided at the time of GST registration.

     

  4. Navigate to LUT Application: Go to the ‘Services’ menu, then ‘User Services’, and then select ‘Furnish Letter of Undertaking (LUT)’.

     

  5. Fill in the Details: Fill in all the required details in the LUT form such as the financial year, the GSTIN of the witnesses, and the details of the previous LUTs, if any.

     

  6. Upload Documents: If required, upload any supporting documents in PDF or JPEG format, with a file size of up to 2 MB.

     

  7. Sign and Submit: The LUT needs to be signed digitally either using a digital signature certificate (DSC) or the Aadhaar-based EVC (Electronic Verification Code) method.

     

  8. Acknowledgment: After successful submission, an acknowledgment reference number (ARN) is generated, which can be used for future references.

A few important points to note

  • LUT is valid for a financial year. If an exporter wishes to supply goods or services without payment of IGST in the next financial year, they must apply for a new LUT.

     

  • LUT cannot be filed by those who have been prosecuted for tax evasion of over ₹2.5 crores under the CGST Act, 2017.

     

  • In case the exporter fails to comply with the conditions of the LUT, it could lead to the withdrawal of the privileges and the exporter may be required to pay IGST.

     

  • Exporters who are unable to complete the export process within the specified time frame need to pay an interest of 18% per annum.

Why Choose File With CA for Your GST LUT Filings?

With our team of skilled and experienced tax professionals, FileWithCA guarantees accurate, timely, and hassle-free GST LUT filings. Our team is up-to-date with the latest changes in GST laws, ensuring complete compliance with the required procedures.

Our Services Include

  1. Guidance and Consulting: We help you understand whether you’re eligible for LUT under GST and how you can benefit from it.

     

  2. Document Preparation: We assist in gathering and preparing all necessary documents for your LUT application.

     

  3. LUT Filing: We handle the entire process of filing your LUT on the GST portal, saving you time and effort.

     

  4. Follow-ups and Updates: Once your application is submitted, we monitor its progress, handle any follow-ups, and keep you updated at every stage.

Yearly Renewal: We remind you of and assist with your yearly LUT renewals to ensure continued compliance and benefits.

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