The Goods and Services Tax Network (GSTN) has enabled the functionality to furnish a Letter of Undertaking (LUT) for the Financial Year 2023-2024 on the GST Portal.
Who can furnish LUT & benefit of furnishing LUT:
Letter of Undertaking or LUT is to be furnished by exporter for exporting goods without payment of GST (IGST). The LUT facility has been extended to all registered persons who intend to supply goods or services for export without paying integrated tax. LUT needs to be furnished in form GST RFD 11 under rule 96A.
The exporter who has been prosecuted for any offense under the CGST and the Integrated Goods and Services Tax Acts, 2017 or any other existing law, and the amount of tax evaded in such cases exceeds ₹250 lakh can not furnish LUT. Meaning thereby they can not export goods without payment of GST (IGST).
Navigation to furnish LUT is as follows:
“Dashboard > Services > User Services > Furnish Letter of Undertaking> Select FY & apply except”
Disclaimer: The above article is prepared for understanding & study purpose. We recommend you consult your CA or tax consultant before taking any decision & author will not be responsible for any lose due to decision take based on above article.
About Author: Author is Practicing Chartered Accountant and founder of D Rahul & Associates, Navi Mumbai. You can reach Author at ca.rahuldwivedi@gmail.com or 9004485377.
Author Bio
Can we file Q4 returns for FY 23-24 using LUT issued for FY23-24? Note that Q4 deadline is 22 April and LUT expires by March 31 2024. In that case, can we file returns without obtaining LUT for FY 24-25?
thanks.