The eligibility criteria for being exporters to fall within the ambit of zero rated supply and become entitled to the benefits of luts has been relaxed. In view of the difficulties being faced by the exporters in submission of bonds letter of undertaking lut for short for exporting goods or services or both without payment of integrated tax notification no.
Eligibility to export under lut.
Export under letter of undertaking notification. 37 2017 central tax it is mandatory to furnish lut to export goods or services or both without paying igst. You should submit the information in the relevant fields and then submit the form online. Eligibility to export under lut.
Letter of undertaking is the document that the user provides declaring fulfillment of all requirements under gst. Rule 96a of central goods and services tax rules 2017 provides that in case of export of goods or services without payment of gst the exporter has to furnish a bond or letter of undertaking lut in form rfd 11. Fy 2016 17 or he is a status holder in the foreign trade policy 2015 2020.
No tax will be paid on the export supply and the invoice shall carry a declaration as supply meant for export under bond or letter of undertaking without payment of integrated tax 9. This is also required in the case of provision of goods or services to sez units developer. It may be noted that as per notification no.
In simple words ltu is the document by which the taxpayer declares that he shall fulfill all the requirement of the gst with regard to export. Also according to the notification no. A letter of undertaking ltu is the documents format of which is being prescribed under form gst rfd 11 under rule 96a.
To submit lut online the user should login to the website gstgovin and then click on servicesuser servicesfurnish letter of undertaking lut. The lut will be valid for 12 months and should be furnished for each financial year in duplicate. Cbec permits exports under letter of undertaking lut to all registered tax payers no bond or bank guarantee needed.
372017 central tax dated 4 th october 2017 has been issued which extends the facility of lut to all exporters under rule 96a of the central goods and services tax rules 2017 hereafter referred to as the cgst rules subject to certain conditions and safeguards. Refer clarification issued by govt on issues related to furnishing of bondletter of undertaking for exportsf. 882017 gst on fourth october 2017 clarifying the subsequent product or services or each will be exported without payment of igst under lut.
This notification says as lutbond is a priori requirement for export including supplies to a sez developer or a sez unit. 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. Cbec issued a master circular no.
It is furnished in case of export undertaken without paying igst.
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