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Letter of Undertaking(LUT) BOND REGISTRATION

Letter of Undertaking is commonly known as LUT. The LUT Bond Registration is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfill all the requirements prescribed under GST while exporting without making payment of tax.

According to the Central Goods and Services Tax Rules, 2017 any registered person exporting goods without payment of tax is required to furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11

Letter of Undertaking will be valid for a period of twelve months from the date of submission. If the exporter fails to comply with the conditions of the Letter of Undertaking, privileges could be revoked and the exporter would be required to furnish a bond.

All GST registered goods and service exporters are eligible to submit LUT. However, a person who has faced prosecution for evasion of tax amounting to 2.5 Cr or more is debarred from availing of this facility. In such cases, where the exporter is not eligible to file LUT, they would have to furnish an export bond.

LUTs can be furnished and submitted online through the GST portal. 

Entities not eligible to submit a Letter of Undertaking (LUT) as per the conditions mentioned above would have to furnish an export bond along with a bank guarantee. The bond should cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself. Export bonds should be furnished on non-judicial stamp paper of the value as applicable in the State in which the bond is being furnished.  

For more information LUT Bond Registration, please visit https://dgft.gov.in/schemes/lut-format-under-gst
For details regarding import export code, please click https://allroundtaxsolutions.com/import-export-code/

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