The Goods and Services Tax Network (“GSTN”) has allowed the operation to file a Letter of Undertaking (“LUT”) for the FY 2023-2024 on the GST Portal.
Under rule 96A, the letter of Undertaking or LUT would specify to be filed via form GST RFD 11 in which the exporter shows that he or she will complete all the needs as per the GST specified during the export excluding any IGST payment.
The functionality can be performed at Dashboard > Services > User Services > Furnish Letter of Undertaking> Select FY & apply
The utility of the LUT would be extended to all the enrolled individuals who would have the purpose of supplying the goods or services for export excluding paying the integrated tax instead of people who are running with the prosecution of any crime under the Central Goods and Service Tax along with the Integrated Goods, and Services Tax Acts, 2017 or any other existing law, and the tax amount evaded in such cases exceeds Rs 250 lac.
In the Union Budget 2021, the government would have recommended that the GST refunds furnished on the products along with the services exported would be restricted to the acknowledged assessee. There are various companies that would have claimed the tax rebate on the supplies of the export is now needed to lay down to the exports excluding furnishing the tax beneath the bond or letter of undertaking, claim for the reimbursement of the unused input credits.
