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GST LUT Filing
The GST LUT (Letter of Undertaking) filing is a process under the Goods and Services Tax (GST) system in India. It allows eligible exporters to undertake the export of goods and services without paying the Integrated Goods and Services Tax (IGST) at the time of export. Instead of paying the IGST, exporters can furnish an LUT to the authorities as a guarantee. You can choose My Dream Consultant as top gst lut filing consultant.
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WHAT IS GST LUT Filing?
The GST LUT (Letter of Undertaking) filing is a process under the Goods and Services Tax (GST) system in India. It allows eligible exporters to undertake the export of goods and services without paying the Integrated Goods and Services Tax (IGST) at the time of export. Instead of paying the IGST, exporters can furnish an LUT to the authorities as a guarantee. You can choose My Dream Consultant as top gst lut filing consultant.
WHO NEED GST LUT Filing?
- 1. Eligible Exporters:
2. Exemption from IGST Payment:
3. Regular Compliance
- 1. Eligible Exporters:
WHAT ARE THE TYPES OF GST LUT Filing?
Individual LUT:
Project-Specific LUT:
WHAT IS THE DOCUMENTS REQUIRED FOR GST LUT Filing?
- Letter of Undertaking (LUT):
- GST Registration Certificate:
- Bank Guarantee (if applicable):
- Letter of Authority (if applicable):
- Business Proof:
- Copy of IEC (Importer Exporter Code) Certificate:
- Copy of Shipping Bill:
- Copy of Export Invoice:
- Copy of Supply Orders/Agreements:
- Proof of Turnover:
- Any Other Supporting Documents:
WHAT ARE THE BENEFITS OF GST LUT Filing?
- Zero-rated Supplies:
- Cash Flow Management:
- Competitive Advantage:
- Simplified Compliance:
- Faster Customs Clearance:
- Enhanced Export Growth:
- Compliance with Legal Requirements:
STEPVISE PROCESS OF GST LUT Filing?
- 1. Prepare the LUT Form:
The exporter needs to prepare the LUT form as prescribed by the GST authorities. This includes details such as business information, GST registration details, and the financial year for which the LUT is being filed.
2. Submit the LUT:
The LUT is submitted to the GST department either online through the GST portal or manually, depending on the procedures specified by the tax authorities.
3. Verification and Approval:
The tax authorities will verify the information provided in the LUT, and upon approval, the exporter can start exporting goods or services without paying IGST.
4. Renewal:
If the LUT is for a specific financial year, it needs to be renewed for subsequent years if the exporter continues to engage in export activities.
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