GST LUT FORM
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|---|---|
| ✔ Application Filing | ✔ Application Filing |
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GST LUT Form in India
GST LUT Form in India
Purpose of the GST LUT Form
The Goods and Services Tax (GST) Letter of Undertaking (LUT) Form in India is designed to facilitate exporters. This form allows eligible exporters to furnish a bond instead of paying integrated tax on the export of goods or services. By providing this mechanism, the GST LUT Form promotes ease of doing business and reduces the working capital requirements for exporters.
Eligibility Criteria for Submitting the GST LUT Form
To be eligible to submit the GST LUT Form, an entity must meet the following criteria:
- Export Turnover: The registered person must have received a minimum of 10% of the export turnover in the preceding financial year.
- No Prosecution History: Entities that have not been prosecuted for any offense under the GST Act or any other existing law where the amount of tax evaded exceeds Rs. 2.5 lakh are eligible.
- No Show Cause Notice: Businesses that have not been issued any show cause notice under the CGST Act, 2017 or the IGST Act, 2017 can submit the LUT.
- Clean Legal Record: The applicant should not have been convicted by a competent court for any offense where the amount of tax evaded exceeds Rs. 2.5 lakh under the CGST Act, 2017 or the IGST Act, 2017.
Step-by-Step Process for Submitting the GST LUT Form
Step 1
Log in to the official GST portal using your registered credentials.
Step 2
Navigate to the “Services” tab and select “User Services.”
Step 3
Under “User Services,” choose “Furnish Letter of Undertaking” from the drop-down menu.
Step 4
Fill in the LUT form accurately with all the required details, including the financial year, details of exports, and bank account information.
Step 5
Upload the supporting documents, such as the previous year’s export turnover, and the declaration, as per the specified file format and size limits.
Step 6
Double-check all the information provided for accuracy and completeness.
Step 7
Once the form is filled and documents are uploaded, submit the LUT application.
Step 8
Upon successful submission, a unique LUT number will be generated, and the system will display a confirmation message.
Step 9
You can download the submitted LUT for your records using the “View/Download LUT” option in the same section.
Key Points and Procedures for GST LUT Form Registration in India
Introduction
The GST LUT Form Registration in India is crucial for exporters aiming to reduce their tax liabilities and streamline their export operations. This form allows exporters to undertake exports without the burden of paying integrated tax upfront.
Essential Licenses and Registrations
Before submitting the GST LUT Form, ensure you have all the necessary licenses and registrations, such as your GST registration, IEC (Import Export Code), and any other relevant certifications.
Advantages
- Ease of Doing Business: Simplifies the export process by eliminating the need to pay integrated tax on exports.
- Reduced Working Capital Requirement: Frees up funds that would otherwise be tied up in tax payments.
- Enhanced Cash Flow: Improves cash flow management for exporters, allowing them to reinvest in their business.
Disadvantages
- Compliance Requirements: Requires strict adherence to compliance and documentation procedures.
- Legal Consequences: Non-compliance or misinformation can lead to legal penalties and prosecution.
Compliance and Maintenance
Maintaining compliance with the GST regulations is essential for exporters who submit the LUT Form. Regularly update your export turnover records, ensure timely renewals of the LUT, and keep track of any changes in GST rules and regulations.
Conclusion
Registering for the GST LUT Form in India offers significant advantages for exporters, including reduced tax burdens, improved cash flow, and streamlined export processes. By following the step-by-step guide provided, you can ensure a smooth and efficient registration process.
For personalized assistance and to make the registration process even more hassle-free, consider reaching out to Bharat Filing Point. Our expert team is here to help you every step of the way.
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Email: info@bharatfilingpoint.com
Website: www.bharatfilingpoint.com
Documents Required for SOLE PROPRIETOR / INDIVIDUAL vs LLP AND PARTNERSHIP FIRMS vs HUF vs COMPANY
| FEATURES | SOLE PROPRIETOR / INDIVIDUAL | LLP AND PARTNERSHIP FIRMS | HUF | COMPANY (Public and Private) (Indian and foreign) |
|---|---|---|---|---|
| DOCUMENTS | PAN card of the owner, Aadhar card of the owner, Photograph of the owner (in JPEG format, maximum size – 100 KB), Bank account details*, Address proof** | PAN card of all partners (including managing partner and authorized signatory), Copy of partnership deed, Photograph of all partners and authorised signatories (in JPEG format, maximum size – 100 KB), Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.), Aadhar card of authorised signatory, Proof of appointment of authorized signatory, In the case of LLP, registration certificate / Board resolution of LLP, Bank account details*, Address proof of principal place of business | PAN card of HUF, PAN card and Aadhar card of Karta, Photograph of the owner (in JPEG format, maximum size – 100 KB), Bank account details, Address proof of principal place of business | PAN card of Company, Certificate of incorporation given by Ministry of Corporate Affairs, Memorandum of Association / Articles of Association, PAN card and Aadhar card of authorized signatory. The authorised signatory must be an Indian even in case of foreign companies/branch registration, PAN card and address proof of all directors of the Company, Photograph of all directors and authorised signatory (in JPEG format, maximum size – 100 KB), Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size – 100 KB), Bank account details, Address proof of principal place of business |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for GST LUT Form in India
The Letter of Undertaking (LUT) under GST is a document that enables exporters to conduct export transactions without paying Integrated Goods and Services Tax (IGST). The LUT form is known as FORM GST RFD-11, which is submitted on the common portal. The LUT is deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated online.For first-time filing of LUT, there is no requirement to upload any documents online. However, if a notice for submission of hard copies of documents is received, then the applicant must submit the required documents along with all attachments to the jurisdictional office.The documents required for submission of LUT through the online mode include the following:
- Detail of witnesses along with their identity and address proofs
- Consent letter of witnesses for such LUT
- Acceptance letter from the department acknowledging the LUT of any previous year
It is advisable to create a proper file with all documents as required in the manual mode of submission of LUT, even though there is no document required to be submitted manually to the department.For manual application for Letter of Undertaking (LUT), the following documents are required:
- Cover letter requesting acceptance of LUT
- A copy of GST Registration Certificate
- Form GST-RFD-11 in duplicate
- Original Two Sets of Annexure of Letter of Undertaking (LUT) on Letter Head of the entity
- Signatures of all undertakers should be verified by the Bank Manager
- Two witnesses
It is important to note that the LUT is open for utilization by any registered taxpayer engaged in exporting goods and services, except for individuals facing prosecution for tax evasion exceeding Rs. 250 lakh or more. The LUT has a validity of one year, and a fresh LUT must be submitted for each subsequent financial year. If the terms outlined in the LUT are not met within the designated timeframe, the privileges associated with it will be withdrawn, prompting the need for the exporter to provide bonds.Invoices, e-way bills, GST certificate, and copy of LUT are required at the time of dispatch of material. The authorised signatory must be an Indian even in the case of foreign companies/branch registration. The bank account details include a copy of a cancelled cheque or extract of passbook/bank statement (containing the first and last page) in JPEG format/PDF format, with a maximum size of 100 KB. Address proof includes Upload any one of the following documents:
- Aadhaar card
- Driving license
- Voter ID card
- Passport
- Electricity bill
- Telephone bill
- Property tax receipt
- Rent agreement
- Lease agreement
All documents must be in JPEG format with a maximum size of 100 KB.
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