What does LUT under GST means?
LUT stands for "Letter of Undertaking" under the Goods and Services Tax (GST) regime. It is a document that exporters can submit to export goods or services without paying Integrated Goods and Services Tax (IGST). The LUT serves as a guarantee that the exporter will fulfill their tax obligations. It enables exporters to enjoy zero-rated supplies and facilitates seamless export transactions, promoting ease of doing business and international trade.
Who needs to file LUT under GST Law?
Under the GST law in India, registered exporters who wish to make supplies for export without payment of Integrated Goods and Services Tax (IGST) are required to file a Letter of Undertaking (LUT). This facility is also available to entities operating under the composition scheme. However, not all exporters are eligible for LUT filing, and specific conditions and thresholds may apply. By filing an LUT, eligible exporters can streamline their export transactions and enjoy the benefits of zero-rated supplies.
Documents Required for LUT under GST
When filing a Letter of Undertaking (LUT) under GST in India, certain documents are required. These include:
- Letter of Undertaking (LUT) form: The LUT form needs to be duly filled and signed.
- GST Registration Certificate: A copy of the GST registration certificate of the entity applying for the LUT.
- Bank Account Details: Bank account details of the entity, including account number and IFSC code.
- PAN Card: A copy of the Permanent Account Number (PAN) card of the entity.
- Authorized Signatory's Documents: Identification and address proof documents of the authorized signatory.
Ensuring the availability and accuracy of these documents is crucial for a smooth LUT filing process and compliance with GST regulations.
Why to choose Book My Registration for LUT Filling
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