GST LUT FILING - Online Process
Letter of undertaking (LUT) is the document that the user provides declaring that all requirements under GST are fulfilled. Letter of Undertaking is filed online using the form GST RFD 11. It is mandatory to furnish LUT to export goods or services or both without paying IGST.
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GST LUT FILING
Whenever goods or services are supplied from India to outside India then, it is acknowledged as export of goods. In goods and services tax law, exporters has two options for export of goods and services-
- With the payment of applicable GST- In this exporters pay IGST and then claim the refund of tax paid.
- Without the payment of GST- In this exporters are required to file Letter of Undertaking.
Letter of undertaking (LUT) is the document that the user provides declaring that all requirements under GST are fulfilled. Letter of Undertaking is filed online using the form GST RFD 11. It is mandatory to furnish LUT to export goods or services or both without paying IGST. If the exporter fails to provide the LUT, then he has to pay IGST or provide an export bond.
- Exporters do not wish to indulge into hassles of refunds
- Exports without tax payment
- Saves Working Capital
- Once filed is valid for the whole financial year
- Simple and online process
- A Copy of PAN card of the exporter entity,
- KYC documents of authorised signatory i.e. copy of PAN card and aadhar card of partners/directors,
- GST Registration Certificate of the exporter entity,
- The import exportCode certificate (IEC certificate) must be submitted,
- A Copy of cancelled cheque of current account of exporter entity,
- Such other documents as may prescribed.
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Basic Features to Read before starting private limited company
Private company is required to add the word “Private limited” or “Pvt. Ltd.” to end of its name. Private company should have at least two member and two directors. Private company have right to issue debentures to any number of persons.
Features of Public Limited Company
MCA provides the facility for incorporation of public limited company. For incorporation, firstly apply for name through RUN (Reserve Unique Name) on MCA portal. After availability of name from ROC we should file incorporation form i.e. Spice 32, INC 33(for eMOA), INC 34(for eAOA), .