GST LUT / Export Bond Filing

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Letter of Undertaking Registraion

Letter of Undertaking is usually referred to as LUT. The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfil all the wants prescribed under GST while exporting without making IGST payment. All GST registered goods and repair exporters are eligible to submit LUT except the exporters who are prosecuted for any offence and therefore the amount of evasion exceeds Rs.250 lakhs under the CGST Act or the Integrated Goods and Services Tax Act,2017 or any of the prevailing laws. In such cases, where the exporter isn’t eligible to file LUT, they might need to furnish an export bond. Reta Advisories can assist you with GST LUT filing or export bond filing. Get in-tuned with our GST Experts to about exporting under LUT or export bond.

Letter of Undertaking (LUT) for Exports

According to the Central Goods and Services Tax Rules, 2017 any registered person exporting goods without payment of integrated tax is required to furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11. All GST registered goods and services exporters are eligible to submit LUT except the exporters who are prosecuted for any offence and therefore the amount of evasion exceeds Rs.250 lakhs under the CGST Act or the Integrated Goods and Services Tax Act,2017 or any of the prevailing laws. Letter of Undertaking are going to be valid for a period of twelve months from the date of submission. If the exporter fails to suits the conditions of the Letter of Undertaking, privileges might be revoked and therefore the exporter would be required to furnish a bond. All exporters are required to submit letter of undertaking or export bond under the new format specified under GST on or before 31st July 2017.

Export Bond for GST

Entities not eligible to submit a Letter of Undertaking (LUT) as per the conditions mentioned above would need to furnish an export bond along side bank guarantee. The bond should cover the quantity of tax involved within the export supported income tax liability as assessed by the exporter himself. Export bond should be furnished on non-judicial stamp paper of the worth as applicable within the State during which the bond is being furnished. Also, exporters can furnish a running bond, in order that export bond needn’t be executed for every and each export transaction. However, if the outstanding liabilities on exports exceeds the bond amount at any time, then the exporter must furnish a fresh bond to hide the extra liability. A bank guarantee are often mandated along side export bond. the worth of bank guarantee should normally not exceed 15% of the bond amount. However, supported the diary of the exporter, the bank guarantee required to be submitted with export bond are often waived off by the jurisdictional GST Commissioner.

Exporters Compliance

GST RFD-11

GST RFD-11 must be filed by the person registered under on the GST Portal.

GST LUT Format

Sample LUT declaration format that can be prepared for obtaining LUT approval.

GST Export Bond Format

GST registration certificate sample with all the annexures. GST registration certificates contain business, promoter and address information with GSTIN

GST Invoice Format

Sample export bond declaration format that can be prepared for obtaining approval.

Export of Goods

Procedure for claiming GST refund on exports through the GST Portal. As per the provisions included under IGST law, the exports of goods are considered as zero-rated supply is exempted from GST and are eligible to claim the refund of GST paid.
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