GST LUT
GST LUT Services by The Business Founders
Welcome to The Business Founders, your trusted partner for all your accounting consultancy needs. We understand the importance of GST compliance for businesses engaged in exports or zero-rated supplies. Our team offers expert assistance with filing GST LUT (Letter of Undertaking), enabling eligible businesses to export goods or services without payment of integrated tax (IGST).
About GST LUT (Letter of Undertaking)
GST LUT, commonly known as Letter of Undertaking, is a declaration filed by registered taxpayers engaged in exports or zero-rated supplies. It allows eligible businesses to export goods or services without payment of integrated tax (IGST) and claim a refund of accumulated input tax credit (ITC). The GST LUT is valid for a specified period and must be furnished annually.
Our GST LUT Services
At The Business Founders, we offer comprehensive services to assist you with filing GST LUT:
- Eligibility Assessment: Our team assesses your eligibility for filing GST LUT based on your business activities and turnover.
- Documentation and Preparation: We assist in preparing and organizing the necessary documents for filing GST LUT, ensuring completeness and accuracy.
- Online Application and Submission: We guide you through the online application process for filing GST LUT on the GST portal, ensuring timely submission before the due date.
- Follow-Up and Confirmation: We follow up with the authorities to track the status of your GST LUT application and provide regular updates on the progress until the LUT is accepted.
Why Choose The Business Founders?
- Expertise and Experience: With years of experience in the field of accounting consultancy, our team possesses the expertise and knowledge to handle GST LUT filing efficiently and accurately
- Personalized Service: We understand the unique needs and circumstances of each business and tailor our services to provide personalized solutions that meet your specific requirements.
- Timely Assistance: We prioritize prompt and efficient service delivery to ensure that your GST LUT is filed accurately and within the specified timelines, minimizing delays in your export transactions.
- Compliance Assurance: We ensure that your GST LUT filing is compliant with all legal requirements and regulations, helping you avoid any potential compliance issues or penalties.
Get Started Today
Ready to file your GST LUT and streamline your export transactions? Contact The Business Founders today to learn more about our GST LUT Services and how we can assist you in completing the filing process accurately and efficiently. Let us help you leverage the benefits of zero-rated supplies and focus on growing your export business.
FAQs
GST LUT stands for Letter of Undertaking. It is a document that eligible taxpayers can furnish to export goods or services without payment of integrated tax (IGST).
Registered taxpayers who intend to export goods or services and fulfill certain criteria prescribed by the government can furnish GST LUT.
Furnishing GST LUT exempts exporters from paying IGST on exports and facilitates the ease of doing business by reducing compliance requirements and cash flow constraints.
Taxpayers can apply for GST LUT online through the GST portal by filling out the prescribed form and providing necessary details and documents.
Documents required for GST LUT application typically include the LUT form, valid GST registration certificate, PAN card, and other supporting documents as per the requirements specified by the tax authorities.
No, there is no fee for filing GST LUT. It can be furnished online free of cost through the GST portal.
GST LUT is valid for a specific financial year and needs to be furnished annually. It needs to be renewed every year if the exporter intends to continue availing the benefits.
Yes, taxpayers can cancel or revoke GST LUT if they no longer fulfill the eligibility criteria or wish to opt out of the scheme. The cancellation process involves submitting a request online through the GST portal
Yes, GST LUT can be used for both goods and services exports, provided the taxpayer meets the eligibility criteria and complies with the necessary conditions.
Non-compliance with GST LUT requirements may result in the imposition of penalties, fines, and other legal consequences as per the provisions of the GST law.
Yes, exporters have the option to export goods or services either under GST LUT or by paying IGST and claiming refund subsequently. However, furnishing GST LUT offers the advantage of avoiding upfront payment of IGST.
Yes, taxpayers can amend or update details in the GST LUT if there are any changes or corrections required. The amendment process can be initiated online through the GST portal.
Yes, GST LUT is applicable for both direct exports (where the goods or services are exported directly to a foreign buyer) and indirect exports (where the goods or services are supplied to an intermediary for onward export).
No, taxpayers furnishing GST LUT cannot claim input tax credit (ITC) on inputs and input services used for exports. However, they can claim refund of accumulated ITC as per the provisions of the GST law.
Non-compliance with GST LUT requirements or misuse of the LUT facility may lead to penalties, fines, and other legal consequences under the GST law. Taxpayers should ensure proper compliance with all regulations to avoid such penalties and maintain the integrity of their business operations.
