All the registered taxpayers who export the good or service now they have to fill LUT bond in order to make exports without paying IGST. The LUT stands for a letter of undertaking is to be given by the owner/managing director/working employee/proprietor of an entity in case such an entity is doing exporting business. As per the Rule, 96A read with CGST notification No. CGST-37/2017 dated 04.10.2017. Every exporter who exports goods and services out of India can supply without paying IGST through furnish this LUT bond. Initially, the export bond is available for the exporters. To make hassle-free exporting business government has provided the option of filling GST LUT/export bond for exporters to perform export business without paying IGST. Under this letter, an exporter declares he/she would submit all the requirements prescribed under the GST while exporting without paying IGST. All the GST registered exporters can utilize this LUT bond service that backed by the government except the exporters who have been charged in any offense or break any existing law of exporting. Exporters can also pay IGST on export and submit LUT after then claim a refund for the same.
Any registered taxpayers who are sending out products or services is qualified to utilize L UTs. If an individual who has been indicted for tax avoidance for a measure of Rs. 2.5 crores or above are not qualified under the act to outfit LUTs. Plus, the legitimacy of such LUTs is for a period of one year (till the end of the financial year). Though, an exporter furnishing LUT's are required to furnish fresh LUT for each financial year. If in case of t, the referenced conditions in LUT are not fulfilled within a stipulated time, the benefits are disavowed and the exporter should furnish bonds.
Considering a law firm to furnish LUT bond for exporting goods and services is a great decision. Unilex consultants will help you in furnishing LUT bond hassle-free. Our legal advisors will provide the best advice and fill all the formalities in LUT bond on behalf of your company. So, if you are looking for a legal advisor who can prepare LUT bond for you, feel free to contact us and apply online.
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