162017 dated 01st july 2017 a person is eligible to export under letter of undertaking without payment of igst if the exporter has received the due foreign inward remittances amounting to a minimum of 10 of the export turnover which should not be less than one crore rupees in the preceding financial year ie. Gst was introduced from 1st july 2017 and as per rule 96a of cgst rules any registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish prior to export.
Letter of undertaking is the document that the user provides declaring fulfillment of all requirements under gst.
Notification on letter of undertaking. A letter of undertaking is an undertaking by authorized persons of an entity that they will not pay tax on their export sales and will always abide by gst laws at all times. 37 2017 central tax it is mandatory to furnish lut to export goods or services or both without paying igst. In case of any default all the undertakers will jointly or severally be liable for any penalty or other consequences.
Gstn enables online filing of letter of undertaking. This is also required in the case of provision of goods or services to sez units developer. Gstn enables online filing of letter of undertaking.
Supply the goods or services or both under a letter of undertaking also called in short generally as lut and claim refund of unutilised igst. Considering the difficulties faced by exporters the government has issued notification no. 372017 central tax dated october 4 2017 extending the facility of letters of undertaking to all exporters under rule 96 a of the central goods and services tax rules 2017 hereinafter referred to as the cgst.
Supply goods or services or both on payment of igst and claim refund of such tax paid on goods or services or both supplied. It may be noted that as per notification no. In supersession of its july 7 circular the central board of excise and customs cbec issued a notification notification no.
Letter of undertaking lut is an undertaking to be given by ownerproprietorworking partnermanaging director of an entity in case such entity is doing export business ie. Services without payment of gst the exporter has to furnish a bond or letter of undertaking lut in form rfd 11. In terms of notification no162017 a registered person shall be eligible for submission of letter of undertaking in place of a bond if he has received the foreign inward remittance amounting to minimum of 10 of the export turnover and which should not be less than one crore in the proceeding financial year.
Also according to the notification no. Fy 2016 17 or he is a status holder in the foreign trade policy 2015 2020. Export of goods or services or both or supplying zero rated goods or services to sez developer or sez unit.
It is furnished in case of export undertaken without paying igst. A letter of notification may also be used to inform companies or creditors that somebody has passed away or to tell an immigration authority that you have gotten married which could affect a visa application.
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