sir iam doing business of export sales with letter of undertaken (LUT).I have 14 lakhs ITC credit.iam in the category of without payment of tax..so could I modify my export sales to without LUT which means with payment of tax for getting my input credit...then again could I migrate to LUT ????
could you please tell me
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Letter of undertaken
Replies (6)
Dear Mr. Sanjay,
There is no need of any migration both with payment or without payment (LUT) are Zero rated supplies.
You can opt some supplies with payment and some without payment option. You need to mention in the invoice that what option you have taken and accordingly disclose in your monthly returns.
My honourable CA sir thanks for your reply,could I claim my ITC 14 lakhs asusual .
Yes you can claim
Sir generally for what purpose this LUT
Dear Sir,
It is like a bond / self declaration, which (LUT) is to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that they would fulfil all the requirements prescribed under GST while exporting without making IGST payment. In case of non export then tax along with interest needs to be paid.
Thank you my honourable CA subba Reddy bonam sir ...
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