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My client wants to export his goods to Bhutan. He has Import Export Code but doesn't have LUT or Bond. It is his first export. Please explain the process
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As per section 16 of the IGST Act, 2017, export of goods or services is a zero rated supply. He has two option in this case. Either he should apply for LUT and export without payment of IGST or he can export goods on payment of IGST and claim the refund. As the process of refund would take time it would affect the working capital of the entity. Hence the better option is to apply for LUT and then export without payment of IGST.
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