Skip to main content

Issues Related to Furnishing Letter of Undertaking for Exports - GST


Eligibility to Export Under LUT:

  • All registered persons who intend to supply goods or services for export without payment of Integrated Tax (IGST) should apply.
  • He should not be prosecuted for any offense under GST act or any of the existing law for an amount exceeding two hundred and fifty lakh rupees

Validity:

  • valid for the whole financial year in which it is tendered.
  • In case goods not exported within the time frame and fails to pay the tax amount then the LUT is deemed to be withdrawn.

Form for LUT:

  • Form GST RFD 11 available for download in CBEC website untill the time its made available in common portal of GST.

Documents for LUT:

  • Self declaration to the effect that the conditions of LUT have been fulfilled shall be accepted unless there is specific information otherwise.

Time of Acceptance of LUT:

  • Should be accepted within a period of three days.
  • if not accepted with in a period of three working days from the date of submission, it shall deemed to be accepted.

Article By

CA.R.Jeyarajan FCA.,
Tuticorin

Mobile: 9943362200
Mail: ca.rjr@hotmail.com

Labels:
Location: Thoothukudi, Tamil Nadu, India

Comments

Post a Comment

Popular posts from this blog

PRESS RELEASE OF 38TH GST COUNCIL MEETING

In the 38th Meeting of the GST Council held on 18.12.2019, the GST council recommended the following: 1. Grievance Redressal Committees (GRC) will be constituted at Zonal /state level with both CGST and SGST officiers and including representatives of trade and industry and other GST stakeholders ( GST practioners and GSTN etc.). these committees will address grievances of soecific /general nature of taxpayers at Zonal/state level. 2. Due date for annual return in FORM GSTR-9 and reconcillation statement in FORM GSTR-9C for F.Y 2017-18 to be extended to 31.01.2020 3. Following measures would be taken to improve filing of FORM GSTR-1 (i) waiver of late fees to be given to all taxpayers in respect of all pending FORM GSTR-1 from July 2017 to November 2019 if the same are filed by 10.01.2020 (ii) E Way Bill  for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked. 4. Input tax credit to the recipient in respect of invoices or debit notes that ...
Post a Comment
Read more

UNDERSTANDING YOUR CIBIL SCORE

What is the CIBIL Score? The CIBIL Score is a 3 digit numeric summary of your credit history. The Score is derived by using the details found in the “Accounts” and “Enquirers” sections on your Credit Information Report (CIR) and ranges from 300 to 900. The closer your Score is to 900, the more favorably your loan application will be viewed by a credit institution. The Score plays a critical role in the loan approval process. What does my score Mean? The score tells a credit institution how likely you are to pay back your loan based on your past pattern of credit usage and loan repayment behavior. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence better the chances of your application getting approved. What are the major factors that affect my score? There are 4 (Four) major factors that affect your score. These are described below. Late Payment or Defaults in the Recent Past: Your Payment hi...
Post a Comment
Read more

Implementation of automated clearance on All-India basis

The Central Board of Indirect Taxes & Customs vide Circular No. 15/2020-Customs dated 28 th February, 2020 has extended the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational, with effect from 05.03.2020 . The important features of the automated clearance are as follows:- The facility will only be for ICES locations where RMS is enabled and fully functional. All the Customs Compliance Verification (CCV) requirements under the Customs Act, rules, instructions etc will be done by the designated proper officer of Customs. The CCV would operate even while duty has not been paid or payment is under process. After completion of CCV, the proper officer of customs, on satisfaction that the goods are ready for clearance, will confirm the completion of the CCV for the particular Bill of Entry...
Post a Comment
Read more