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  • In case goods not exported within the time frame and fails to pay the tax amount then the LUT is deemed to be withdrawn.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

CLARIFICATION ON ISSUE RELATED TO FURNISHING OF BOND / LETTER OF UNDERTAKING FOR EXPORTS

A much needed clarity given by circular 40/14/2018 GST dated 6th April,2018 to trade and administration. The clarity sought by local tax administration as much as local bodies explained below Form for LUT: Earlier the (exporters) were required to download the FORM GST RFD-11 from the website of the Central Board of Excise and Customs (www.cbec.gov.in) and furnish the duly filled form to the jurisdictional Deputy/Assistant Commissioner. Now, the registered person (exporters) shall fill and submit FORM GST RFD-11 on the common portal and the LUT shall be deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated on-line. Document for LUT: Earlier, self deceleration by the exporter to the effect that he has not been prosecuted should suffice for the purposes of Notification No. 37/2017- Central Tax dated 4th October, 2017.  Now, by this circular it has been clarified that no such document needs to b...
Post a Comment
Read more

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

Refund on Account of Export of Goods - With Payment of Tax

Eligibility: File GSTR-3B of the relevant tax period for which refund is to be sought. File GSTR-1, providing export details in Table 6A of GSTR1 along with shipping bill details and having integrated tax levied. Claiming of Refund: NO separate refund application required, shipping bill itself shall be considered as refund application. Processing of Refund: Export data as filed in GSTR1 (Table 6A) after validated with GSTR 3B will be shared with ICEGATE. Customs validate GSTR 1 data with their shipping bill and EGM data. On sucessful matching of data refund will be processed. Once the refund payment credited to the account of the tax payers -> ICEGATE system shares the payment information with the GST Portal -> GST portal inform the tax payer through SMS and e-mail Further Clarification regading Refund: Contact corresponding ICEGATE jurisdictional officials. Bank Account for Refund: The refund amount will be credited in the bank account ma...
Post a Comment
Read more