Any business owner registered under the Goods and Services Tax (GST) in India is required to file a return. A Letter of Undertaking (LUT) is a document that exempts exporters from paying the integrated goods and services tax (IGST) on exported goods. In this guide, we will explain the eligibility, documents required, and process of filing a Letter of Undertaking in GST for small and medium business owners and startup founders in India.
Exporters registered under GST are eligible to file an LUT if they have exported goods worth at least INR 1 crore in the previous financial year or expect to export goods worth at least INR 1 crore in the current financial year. Only those exporters who meet this criterion are eligible to file an LUT in GST.
Exporters who wish to file an LUT in GST must provide the following documents:
All documents must be self-attested by an authorized signatory of the company. The LUT must be filed on the GST portal.
Follow these steps to file an LUT in GST:
In case the LUT is rejected, you will receive a message on your registered mobile number and email address, and you will have to file a bond instead of an LUT.
Exporters registered under GST in India can benefit from the exemption of IGST on exported goods by filing a Letter of Undertaking. Business owners must meet the eligibility criteria and provide the required documents to file an LUT. The process of filing an LUT is straightforward and can be done online through the GST portal. By following the steps outlined in this guide, small and medium business owners and startup founders in India can easily file an LUT and take advantage of the tax exemption on exported goods.
Unwrought Tin - GST Rates & HSN Code 8001
SCENT SPRAYS - GST RATES HSN CODE 9616
No Immediate ITC Reversal for Non-filing of GSTR-3B by Suppliers