GST LUT Filing Service
GST LUT Service Filing
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GST LUT Filing Service
WHAT IS GST LUT Filing Service?
GST LUT (Letter of Undertaking) Filing Service is a service provided to businesses registered under the Goods and Services Tax (GST) in India who wish to export goods or services without paying integrated GST (IGST) at the time of export.
An LUT is a document that exempts an exporter from paying IGST on exports. To obtain an LUT, the exporter must file an application with the GST department. Once the LUT is granted, the exporter can use it to export goods or services without paying IGST.
The GST LUT Filing Service helps businesses with the process of applying for an LUT by preparing and filing the necessary paperwork and documents on their behalf. This service can be particularly useful for businesses that export goods or services frequently and want to avoid the hassle of paying IGST every time they export.
Eligibility for Filing LUT in GST IN DETAIL:
The Letter of Undertaking (LUT) is a document that allows exporters to export goods or services without paying integrated GST (IGST) at the time of export. The following are the eligibility criteria for filing an LUT in GST:
Registered under GST: To be eligible for filing an LUT, a business must be registered under GST.
Export of goods or services: The business must be engaged in the export of goods or services. An exporter is defined as a person who exports goods or services and receives payment in foreign currency.
No tax evasion: The business must not have been prosecuted for any offense under GST or any other law where the tax liability exceeds Rs. 2.5 lakh.
No pending refunds: The business must not have any pending refunds for more than two years.
Bank guarantee: If the exports in a financial year exceed Rs. 1 crore, the business must provide a bank guarantee equal to the amount of IGST liability that would arise on exports during the year.
No drawback: The business must not have claimed a drawback of Central Excise duty, service tax or VAT on the goods or services exported.
No specified cases: The business must not be a person against whom an order for detention, seizure or confiscation of goods or conveyance has been issued under GST.
It is important to note that the eligibility criteria for filing an LUT may vary depending on the state in which the business is registered. Therefore, it is advisable to consult with a qualified GST professional to determine the specific eligibility criteria for filing an LUT in your state.
Documents Required for LUT under GST:
To file an LUT (Letter of Undertaking) under GST, the following documents are generally required:
GST RFD-11 Form: This is the application form for the LUT. It must be filled out accurately with all the necessary details.
Bank account details: A copy of a cancelled cheque or a bank statement must be provided to confirm the exporter’s bank account details.
GST Registration certificate: A copy of the GST registration certificate must be provided as proof that the business is registered under GST.
Export Invoice: The export invoice must be provided to show that the goods or services are being exported.
PAN card: A copy of the PAN card of the authorized signatory must be provided.
Board resolution: A board resolution authorizing a designated person to sign the LUT on behalf of the business must be provided.
Undertaking: A written undertaking must be submitted stating that the exporter agrees to comply with all the provisions of the GST law.
Letter of Authority: If the LUT is being signed by a person other than the authorized signatory, a letter of authority must be submitted.
Bank Guarantee: If the value of exports in a financial year exceeds Rs. 1 crore, a bank guarantee must be provided.
It is important to note that the specific documents required for filing an LUT may vary depending on the state in which the business is registered. Therefore, it is advisable to consult with a qualified GST professional to determine the specific documentation requirements for filing an LUT in your state.
Process for Filing LUT in GST:
The process for filing an LUT (Letter of Undertaking) in GST involves the following steps:
Step 1: Access the GST Portal Access the GST Portal using the registered credentials.
Step 2: Navigate to LUT Navigate to the “Services” section and select “User Services.” From there, select “Furnish Letter of Undertaking (LUT)”.
Step 3: Verify Eligibility Verify the eligibility criteria for filing an LUT as per the GST laws. Make sure to check for any state-specific requirements as well.
Step 4: Fill and Submit Form GST RFD-11 Fill out the GST RFD-11 form accurately and completely. Attach all the required supporting documents and submit the form.
Step 5: Acknowledgment of Filing The system will generate an acknowledgement number upon successful filing of the form.
Step 6: Verification The concerned GST officer will verify the form and the documents attached. If any discrepancies or errors are found, the officer may reject the LUT application and request further information.
Step 7: Approval and Download If everything is found to be in order, the LUT will be approved, and a notification will be sent to the registered email ID. The LUT can be downloaded from the GST Portal.
Step 8: Renewal The LUT is valid for one financial year. It needs to be renewed before the expiry date to continue availing the benefits. The renewal process is the same as the initial application process.
It is important to note that the processing time for LUT applications can vary depending on the workload of the concerned GST officer. Hence, it is advisable to apply well in advance to avoid any delays. Additionally, it is recommended to seek the guidance of a qualified GST professional to ensure that the LUT application is filed accurately and in compliance with all the necessary requirements.
GST RFD-11 is a form that is used for the application of Letter of Undertaking (LUT) under the Goods and Services Tax (GST) regime. The LUT is a document that exempts an exporter from paying integrated goods and services tax (IGST) on exported goods or services.
The GST RFD-11 form is available, and it must be filled out and submitted electronically. The form consists of various sections that require the following details:
Business details: This section requires details such as the name and address of the business, GSTIN, and the financial year for which the LUT is being filed.
Authorized signatory details: This section requires the details of the authorized signatory, such as name, address, PAN number, and contact details.
Bank account details: This section requires details of the bank account from which the exporter will make payments for GST, such as bank name, account number, and IFSC code.
Details of exports: This section requires details of the exports made by the business, such as the description of goods or services, country of export, and the tax invoice number.
Declaration: This section requires the authorized signatory to declare that the information provided is true and correct, and that the business will comply with all the provisions of the GST law.
Once the GST RFD-11 form is filled out and submitted, the concerned GST officer will verify the information and the supporting documents provided by the exporter. If everything is found to be in order, the LUT will be approved and the exporter will be notified via email. The LUT can be downloaded from the GST Portal.
It is important to ensure that the GST RFD-11 form is filled out accurately and completely, and that all the necessary supporting documents are attached. Any discrepancies or errors can result in the rejection of the LUT application, which can cause delays in the export process. It is recommended to seek the guidance of a qualified GST professional to ensure that the LUT application is filed in compliance with all the necessary requirements.
GST LUT Filing Service FAQ’s:
Is it mandatory to file GST LUT?
Yes, it is mandatory to furnish the Letter of Undertaking (LUT) to export goods, services, or both without paying the integrated goods and services tax (IGST).
What documents are required for GST LUT filing?
To file the LUT under GST, you need a cover letter that is duly signed by an authorized person, a copy of the GST registration, and the PAN of the entity.
Who is eligible to furnish LUT under GST?
Any person who exports goods or services can furnish the LUT. However, only those exporters who have a record of making exports worth at least Rs. 1 crore or 10% of the turnover (whichever is lower) in the preceding financial year are eligible.
Who is not eligible to furnish LUT under GST?
A person who has been prosecuted for evading tax of Rs. 2.5 crore or above under the act cannot furnish the LUT.
What should be filed in the letter of undertaking?
To file the LUT, you need to select the financial year for which it is being filed and enter the name, address, and occupation details of two independent and reliable witnesses. GSTIN and Name (Legal Name) of the taxpayer will be prefilled based on login.
Who has to sign the LUT application?
The primary authorized signatory or 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.
Is it mandatory to record the manually approved LUT in online records?
No, 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.
Is it possible to view the LUT application after filing?
Yes, the taxpayer will be able to see the LUT application after filing.
How would I know that the process of furnishing the LUT has been completed?
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.
What happens when the exporter fails to furnish the LUT?
If the exporter fails to provide the LUT, then he has to pay the IGST or furnish an export bond.
What if the LUT is not furnished on time?
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 zero-rated exports.
What is Form RFD 11?
Form RFD 11 is used for the furnishing of the bond or letter of undertaking for the export of goods or services.
