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GST LUT (Letter of Undertaking)
A Letter of Undertaking (LUT) under GST is a document that allows exporters to export goods or services without the payment of IGST (Integrated Goods and Services Tax). By submitting an LUT, businesses can avoid the burden of upfront tax payments and claim refunds later. This benefits exporters by enhancing their working capital and reducing compliance burdens.
Benefits of GST LUT
1. Tax-Free Exports: Export goods and services without paying IGST.
2. Faster Refunds: Streamline the refund process by avoiding tax payments upfront.
3. Working Capital Efficiency: Reduce the cash flow impact of paying and claiming IGST refunds.
4. Simple Compliance: File a simple online application with supporting documents to get the LUT approved.
Who Should Opt for GST LUT?
Exporters of Goods and Services
Zero Tax Export Operations
Exporters of goods and services can take advantage of the LUT option to export their products without the burden of paying IGST and later claiming refunds. This not only simplifies the tax process but also keeps working capital intact.
Businesses Providing Services Outside India
Compliance with Global Service Standards
Service providers offering services outside India can leverage GST LUT to provide their services without paying IGST, improving liquidity and compliance efficiency.
SEZ Units
Tax-Free Supplies for Special Economic Zones
Businesses operating in Special Economic Zones (SEZs) can export goods and services or supply them to SEZ developers without IGST payments, by submitting an LUT.
Our Process
1. Consultation and Eligibility Check: We assess your business’s eligibility for the GST LUT, ensuring that you meet the necessary requirements and guiding you through the application process.
2. LUT Filing and Approval: Our experts prepare and file the LUT application online, ensuring it is submitted with the required documents for quick approval by the GST authorities.
3. Ongoing Compliance Support: We provide ongoing compliance support, ensuring your exports remain compliant with GST regulations, and assisting in any renewal or updates required for the LUT.
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Have questions? Ask us or find your answer here
A GST LUT is valid for one financial year. Businesses need to renew the LUT at the start of each financial year.
Any business registered under GST that exports goods or services or supplies to SEZs without the payment of IGST can apply for a GST LUT.
Without an LUT, businesses must pay IGST on exports and later claim refunds. This can delay cash flow and increase compliance requirements.
Documents include the GST registration certificate, PAN card, and a declaration that no criminal case involving tax evasion is pending against the business.
Yes, businesses can file their GST LUT applications online through the GST portal. Once submitted, the LUT is reviewed and approved by the GST authorities.
Typically, the LUT is approved within 3-5 working days after submission, provided all documents are in order.
Yes, the LUT must be renewed at the start of every financial year to continue exporting goods or services without paying IGST.
If the LUT is not renewed before its expiration, the business will be required to pay IGST on exports until a new LUT is filed and approved.