LUT for Export of Goods - FY 2022-23 - Urgent

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This query is : Resolved

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Businesses looking to export goods to Nepal and Bhutan for the upcoming Financial Year 2022-23 are asking about filing a Letter of Undertaking (LUT). It's confirmed that an LUT can be filed after March 31st, 2022, for the new financial year, becoming effective from the date of filing. The process for approval is generally swift, with LUTs expected to be accepted within three working days, or automatically considered accepted if not processed within that timeframe.

Pragati Sharma

Pragati Sharma (Querist)
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25 March 2022 Dear Experts,

We are looking for customers to export our goods in Nepal and Bhutan in the coming FY. We are not sure whether we will be able to get a client or not?

Can we file the LUT after March 2022 if we get the customer for sale in FY 2022-23?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 March 2022 Yes, you can file, it's effective from the date of filing in such a case.

rd sharma

rd sharma (Expert)
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26 March 2022 yes you can file upto 31.03.2022 whether you get no export clients in next year, otherwise you will get benefit from the date of filing of LUT

CA Puja Sharma

CA Puja Sharma (Expert)
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26 March 2022 It means i can file LUT after 31st MArch 2022 for FY 2022-23 if we get any export related client?

The LUT will be appoved by the Officer without any notice?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 March 2022 Yes, it will be approved.
The LUT/ Bond should be accepted within three working days after it has been received along with the self-declaration by the exporter as mentioned above. Failing to process the LUT within three working days, it shall be considered to be accepted.

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