GST LUT Filling in Chennai
LUT in GST Its full meaning can be described as a Letter of Undertaking. It is required to be submitted based on GST RFD 11 under rule 96 A. In it, the exporter affirms that they will meet the entire requirement of GST when exporting, without having to make an IGST payment.
Who must submit LUT on Formula GST RFD-11?
GST LUT must be filed to all GST registered goods and service exporters. Exporters who have been accused of any offense or tax evasions that exceed Rs. 250 lakhs in the CGST Act or the Integrated Goods and Service Act, 2017 or any of the laws in place are not legally qualified to submit a GST LUT. In these instances, the exporters must submit an export bond.The motive behind this government is to increase the base of exports by providing relief for exports. The GST specialists from Genuine Tax can assist you by filing GST LUT or Export bond filing. By the CGST Rules of 2017, anyone who is registered can offer export bonds or LUT under GST RFD 11, without having to pay the tax integrated. The person can apply for LUT in the following circumstances:
- They are planning to sell products and services in India or other countries or SEZs.
- Are you registered under GST?
- They would like to offer goods and services without paying the tax on the goods.
- A LUT may be filed by any person in the register under GST as long as he hasn't been punished for tax evasion above Rs.250 lakh or any other crime.
- LUT cover letter - request for acceptance authentically executed by an authorized individual
- Copies of GST registration
- PAN card issued by the company
- KYC of the signatory or authorized person
- GST RFD11 form
- Copies of IEC code
- Cancelled Cheque
- Authorized letter