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GST Letter of Undertaking Filing

Hassle free file your GST Letter of Undertaking just staring at Rs.5,499/-

GST LUT Filing
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GST LUT Filing

The GST LUT (Letter of Undertaking) is a key document under India’s Goods and Services Tax (GST) system, primarily for exporters of goods and services who want to avoid paying Integrated GST (IGST) on their exports. By filing an LUT, these businesses can make zero-rated exports without upfront tax payments, avoiding the lengthy refund process and helping maintain better cash flow.

How to Register GST LUT Filing

 To register your GST LUT filing, start by visiting the official GST portal at www.gst.gov.in and log in with your GST credentials. Once logged in, navigate to the ‘Services’ tab and select ‘LUT’ under the ‘Exports’ section. Click on ‘Apply for LUT’ to access Form GST LUT, where you’ll need to fill in essential details like your GSTIN, business name, and information about the authorized signatory. Ensure to upload any required documents, such as the applicant’s PAN and proof of business registration. After carefully reviewing the information, submit the application.

Register Your GST LUT Filing

SetupTrade.com is always available to help you to register your GST LUT Filing   across India at very reasonable cost. Our well-trained team of professionals is ready to support you 24×7 to register your GST LUT Filing   and to complete the compliance at very competitive price. You may book a call for free consultation from our professional team and resolve your queries / enquiries free of cost. Our experts shall help you to prepare the required documents and obtain the registration of GST LUT Filing.

 

Benefits of GST LUT Filing

Brief about benefits

Zero Tax Liability

Zero tax liability in GST LUT (Letter of Undertaking) filing allows exporters to benefit from zero-rated supply status, meaning they do not have to pay Integrated Goods and Services Tax (IGST) on goods or services exported. This significantly reduces the upfront tax burden, enhancing cash flow and allowing businesses to operate more efficiently.

Ease of Compliance

Ease of compliance is one of the standout benefits of filing a GST Letter of Undertaking (LUT) for exporters. Unlike the traditional bond route, which often involves extensive documentation and lengthy approval processes, the LUT framework simplifies the requirements significantly.

Refund of Input Tax Credit

Zero tax liability in GST LUT (Letter of Undertaking) filing allows exporters to benefit from zero-rated supply status, meaning they do not have to pay Integrated Goods and Services Tax (IGST) on goods or services exported. This significantly reduces the upfront tax burden, enhancing cash flow and allowing businesses to operate more efficiently.

Cash Flow Management

Cash flow management is significantly enhanced through the filing of a GST Letter of Undertaking (LUT). By allowing exporters to make zero-rated supplies, LUT eliminates the need to pay GST upfront on exported goods or services. This means businesses can retain more liquidity, as they are not tied up with tax payments before receiving payment from foreign buyers.

Refund of Input Tax Credit

Refund of Input Tax Credit (ITC) is a significant benefit for exporters under the Goods and Services Tax (GST) regime. When businesses export goods or services, they incur GST on inputs used in their production. However, since the export of goods and services is treated as a zero-rated supply, exporters are eligible to claim a refund of the ITC associated with these inputs.

Simplified Documentation

Simplified documentation is a key benefit of filing a GST Letter of Undertaking (LUT) for exporters. Unlike the traditional bond route, which often requires extensive paperwork and complex procedures, the LUT process streamlines the documentation needed for exporting goods and services

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Our Working Process

1. Book Free Consultation

Our Experts are available to consult you freely. Book a call back and get free consultation over queries.

2. Share Documents

Once satisfied with our consultation, arrange and share all the required documents with us.

3. Payment Online

Choose an easy mode and make online payment to enable us to process your assignment.

4. Filing with Authority

When all the documents are completely ready and our payment is done, we shall proceed with Authorities.

5. Assignment Completed

As soon as authority gives approval, your assignment is completed.

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Documents Required

  • GST Registration Certificate
  • Bank Account Details
  • Export Details
  • Business Address Proof
  • E-mail Address
  • Mobile Number
  • Previous Export Invoices
  • Proof of Exports
  • Self-declaration

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Starter

₹ 5,499 /-
  • 1 Trademark Free Search
  • Trademark Class Search
  • Trademark Application in 1 Class
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Applicable for Individual, Proprietorship and all Other Businesses (Already MSME Regd.)

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Master

₹ 6,999 / -
  • 5 Trademark Search
  • Trademark Class Search
  • Trademark Application in 1 Class
  • MSME Udyog Aadhaar Registration
  • Free Unlimited Advisory
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Applicable for Individual, Proprietorship and All Other Businesses (MSME Registration by us)

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Grand

₹ 9,000 / -
  • 10 Trademark Free Search
  • Unlimited Trademark Class Search
  • Trademark Application in 1 Class
  • MSME Udyog Aadhaar Registration
  • Reply of First Examination Report
  • 24x7 Premium Support

Applicable for Individual, Proprietorship and All Other Businesses (MSME Registration by us)

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More About GST LUT Filing

Brief about benefits

Promoting Export Activities

The GST Letter of Undertaking (LUT) plays a pivotal role in promoting export activities by providing a streamlined mechanism for exporters to benefit from zero-rated supplies. By allowing businesses to export goods and services without the burden of upfront GST payments, the LUT significantly enhances their competitiveness in international markets.

Cash Flow Enhancement

Filing a GST Letter of Undertaking (LUT) significantly enhances cash flow for exporters by allowing them to make zero-rated supplies without the need to pay Integrated Goods and Services Tax (IGST) upfront on their exported goods or services.

Streamlining Compliance

Filing a GST Letter of Undertaking (LUT) streamlines compliance for exporters by simplifying the regulatory requirements associated with exporting goods and services. Unlike the traditional bond process, which often involves complex documentation.

Input Tax Credit (ITC) Refunds

Input Tax Credit (ITC) refunds are a significant advantage of filing a GST Letter of Undertaking (LUT) for exporters. When businesses export goods or services, they incur GST on the inputs used in production.

Reducing Financial Risk

Filing a GST Letter of Undertaking (LUT) significantly reduces financial risk for exporters by eliminating the need for bank guarantees or collateral that are typically required when using traditional bond mechanisms. This reduction in financial obligation allows businesses allows businesses to engage in international trade.

Facilitating Service Exports

The GST Letter of Undertaking (LUT) plays a crucial role in facilitating service exports by extending the benefits of zero-rated supplies to service providers as well as goods exporters.By allowing service exporters to file LUTs, the framework ensures that they can deliver their services.

Frequently asked questions

Who can file a GST LUT?

Any registered taxpayer under GST who is engaged in the export of goods or services can file a GST LUT, provided they have no default in filing returns.

How do I file a GST LUT?

GST LUT can be filed online through the GST portal. The exporter must log in to their account, navigate to the LUT application section, and submit the required details.

Is there a fee for filing a GST LUT?

No, there is no fee associated with filing a GST LUT. The process is free of charge.

How long is a GST LUT valid?

A GST LUT is typically valid for the entire financial year in which it is filed. However, exporters must ensure compliance with all GST regulations to maintain its validity.

Can I amend my GST LUT after filing?

Yes, if there are changes needed, you can amend the GST LUT by filing a fresh application with the updated details.

What happens if I do not file a GST LUT?

If an exporter does not file a GST LUT or bond, they may need to pay IGST on their exports, which can lead to increased costs and cash flow issues.

Can I claim a refund of ITC without filing a GST LUT?

No, exporters must file a GST LUT to benefit from zero-rated supplies and to claim a refund of Input Tax Credit (ITC) on exported goods or services.

What are the penalties for non-compliance?

Failure to comply with GST regulations, including the filing of LUTs, may result in penalties, interest on unpaid taxes, and potential legal action by the tax authorities.

Can I file a GST LUT for both goods and services?

Yes, a GST LUT can be filed for both goods and services. Exporters can use it for zero-rated supplies in either category.

Is it mandatory to file a GST LUT for all exports?

While it’s not mandatory to file a LUT for every export transaction, it is necessary for exporters who wish to benefit from zero-rated supplies and claim refunds on ITC.

Do I need to file a new LUT every year?

Yes, you will need to file a new LUT at the beginning of each financial year to continue enjoying the benefits of zero-rated exports.

Are there any specific conditions for filing a GST LUT?

Yes, exporters must ensure that they have no outstanding defaults in filing GST returns and must adhere to all GST compliance requirements to be eligible for filing a LUT.

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