It was valid till 31.03.2019. F.Y starts from April to March. For 18-19, you need to reapply again.
LUT Validity - Full financial year or one year
Hi, I applied for LUT in January 2018. I would like to know that the Letter of Undertaking (for Export of Service) would be valid for one year or one financial year? I did check a finance government circular that says "The LUT shall be valid for the whole financial year in which it is tendered" - https://cbec-gst.gov.in/pdf/Final_Master_circular_LUT_Bond_04102017.pdf My question is that I received the LUT in January 2018 - Now does that mean that my LUT is valid for full financial year [deleted]? I have exported service in November and December without paying IGST and taken LUT in January. Does that mean my case is fine as LUT even though was applied in January is still valid for full financial year? Any help would be appreciated.
Asked 6 years ago in GST
Hi,
Hope you are doing well!
The Letter of Undertaking filed will be valid for whole financial year in which it is furnished. In case, the goods or services are not exported within given period and the person fails to pay the amount payable on failure, the facility of export under LUT will be deemed to have been withdrawn. During the period of withdrawal, the export can only be facilitated by payment of IGST applicable. Subsequently, if the payment is made by exporter, the facility will be restored.
So, you need to reapply because it was vaild till 31st March 2018 for FY 2017-2018.
For Nov & Dec 2017, you should have paid IGST and claim refund accordingly.
Thanks & Regards,
Payal Chhajed
Hi
LUT, in your case, was valid from Jan 18 to March 18. For Nov n Dec 17, you were required to pay IGST on exports and claim refund then.
A fresh LUT was to be submitted in April 18 for FY 18-19.
Hi,
In your case, LUT was valid from Jan 18 to March 18. For Nov n Dec 17, you should have paid IGST and then should have claimed refund.
A fresh LUT is required to be submitted for FY 18-19.
Hi,
LUT was valid from Jan 18 to March 18.You should have paid IGST for services exported in nov-dec and then shouldd have claimed refund.
You will need to submit a fresh LUT for FY 18-19.
Regards,
Nikhil.
Hi,
LuT is valid for Full Financial year but only from the date of Approval of the same.
For FY 2017-18, it was Manual. From FY 2018-19, the LuT is totally online. It's deemed approved once its successfully filed online and ARN is generated.
Dear Sir
The Letter of Undertaking is Valid for one financial year i.e in your case it is valid till 31/03/2018 and from now you have to apply for New LUT for the financial year 2018-19
Thanks & Regards
Hi
LUT will be valid for maximum one year and calculation that one year will be start from the date of filling of application/generation of ARN.
so if you exported with out payment of tax before filling of LUT then there will be non compliances.
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA