MY FIRM IS EXPORTING GOODS UNDER LUT. NOW FROM 01st DECEMBER 2019 WE WANT TO EXPORT GOODS WITH PAYMENT OF TAX. PLEASE TELL ME ABOUT PROCEDURE AND IMPACT ON US AND BUYER ?? IS IT COMPULSORY TO SURRENDER LUT ?? WILL PAYMENT OF IGST INCREASE COST OF BUYER ??
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SWITCH TO EXPORT WITH PAYMENT OF IGST FROM EXPORT UNDER LUT
Replies (2)
There is no need to surrender LUT! You can issue invoice with GST ! Invoice should be according to section 31 read with rule 46. There is no compulsion to supply under LUT only.
Further the impact will only be that temporary capital will be blocked which u can file refund application under RFD-01 form and u can get refund monthly of the IGST paid by you.
Further the impact will only be that temporary capital will be blocked which u can file refund application under RFD-01 form and u can get refund monthly of the IGST paid by you.
can we do the same for export of services?
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