FAQs about GST LUT Filing in India
1. What is GST LUT filing?
GST LUT filing refers to the process of filing a Letter of Undertaking (LUT) under the Goods and Services Tax (GST) regime in India. A registered taxpayer can submit an LUT to export goods or services without paying the Integrated Goods and Services Tax (IGST) at the time of export.
2. Who can file a GST LUT?
Any exporter who is registered under GST and has a satisfactory compliance record can file an LUT. This facility is available to both Goods and Services exporters in India.
3. Is it mandatory to file a GST LUT?
No, filing a GST LUT is not mandatory. However, it is highly beneficial for exporters as it facilitates tax-free exports and reduces the burden of upfront payment of IGST.
4. How often should I file a GST LUT?
A GST LUT needs to be filed on an annual basis. It is valid for one financial year but can be extended, if necessary, by submitting a fresh LUT.
5. What are the documents required for GST LUT filing?
The documents required for GST LUT filing include PAN card, GST registration certificate, a copy of address proof, and a copy of the bank account statement. Additionally, any other document as may be required by the tax authorities must also be provided.
6. How can I file a GST LUT?
To file a GST LUT, you need to log in to the GST portal using your credentials. Navigate to the "Services" tab and select "User Services." From there, choose "Furnish Letter of Undertaking (LUT)" and enter the necessary details as requested. After completing the form, submit it online.
7. Can I file a GST LUT offline?
No, the process of filing a GST LUT is entirely online. The GST portal provides a user-friendly interface where you can fill in the required details and submit the form electronically.
8. What is the due date for filing a GST LUT?
To ensure a seamless export process, it is advisable to file the GST LUT before the beginning of the financial year or at least before the first export of the financial year. However, the actual due date may vary and is announced by the government.
9. What are the consequences of non-compliance with LUT filing?
Non-compliance with LUT filing can lead to a delay in export clearance and may require you to pay IGST upfront. It can also attract penalties and other legal consequences as per the provisions of the GST law.
10. Can an LUT be revoked or canceled?
Yes, an LUT can be revoked or canceled if there is a change in circumstances that renders the LUT invalid. In such cases, the taxpayer needs to inform the GST authorities and follow the necessary procedure for revoking or canceling the LUT.