What happens if LUT is not filed on time?

If LUT is not filed, the exporter must first pay the required tax while making exports and then claim a refund to avail benefit of zero-rated exports.

Is it mandatory to file LUT under GST?

Is it mandatory to file GST LUT? It is mandatory to furnish the Letter of undertaking (LUT) to export the goods, services, or both without paying the IGST.

Can export be done without Lut?

Exports without LUT: Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules).

Is it mandatory to mention LUT number on invoice?

GST Invoice: For goods and services exported without payment of GST, it should be mentioned on the invoice that it is “Supply meant for export under LUT without payment of IGST”.

Why LUT is required?

An exporter furnishing LUT’s is required to furnish fresh LUT for each financial year. If the conditions mentioned in LUT are not satisfied within the time-limit, the privileges are revoked and the exporter will have to furnish bonds.

What are the documents required for facilitation of exports under GST?

Now comes the documentation required for facilitation of EXPORTS: Circular No. 4/4/2017-GST says that every registered person exporting goods or services without payment of integrated tax is required to furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11.

What is the time limit to submit proof of export?

Under Central Excise laws, every exporter had to submit proof of export for export of excisable goods done without payment of duty to Range Officer within 6 months from the date of clearance of goods from the factory of production.

Can an exporter claim refund for zero-rated goods under GST?

An exporter dealing in zero-rated goods under GST can claim a refund for zero-rated supplies as per the following options: The requirement of bond has been mostly dispensed with. Thus, all direct exporters are required to execute only LUT w.e.f. 4-10-2017.

What is the use of GST credits for exporters?

The exporter may utilize such credits for discharge of other output taxes or alternatively, the exporter may claim a refund of such taxes as per section 54 of CGST or Rules made there under. . Person making zero rated supply requires GST registration (except in case of service providers having turnover less than Rs 20 lakhs)