Question on GST 20L limit and LUT

Dear Sir,

Hope you are doing well !!

The law provides that, if you have taken registration within 30 days of being liable to be registered, then your registration is effective from the date you were liable to be registered.

So in that 30 day period in between, initially you would have issued non GST invoice, but after getting the registration certificate, now you can issue revised GST invoice for those invoices issued in those 30 days.

1. The invoices from April 2020 to Dec 2020 when your turnover was <20L. 

2.You need to file returns only for the invoices you raise from the date you get the GSTIN.

3. For entire FY.

We may assist you in entire GST compliances & filings.

It is advisable to take a phone consultation for detailed discussion.

1. No

2. From the date of registration

3. Till 31.03.2021

Retains FIRC from bankers. Claim refund of ITC on business expenses. From Jan 2021, only quarterly returns will be filed i.e. only 8 returns per year.

For detailed discussion, please contact personally.

- Portal allows you to post invoices from the date of registration only.

- LUT is valid for complete financial year or from the date of application till the close of financial year.

- You will be required to report GST turnover in the ITR. At that point there will be a difference between turnover reported in ITR and GST. Prepare reconciliation statement for that.

Yes, you don't need to file the invoices that you raised before you got GSTIN.

The Letter of Undertaking filed will be valid for whole financial year in which it is furnished. 

Hi 

All the invoices post GST registration shall have to be declared in GST returns. Invoices prior to GST registration shall not be reported.

LUT is applicable from the date of application of LUT.

I assume you would have applied for LUT immediately after getting GST registration, LUT would be applicable for all invoices raised post such date.

Hi

You will report 5 lac only in GST. There won't be any issue with income tax. You will also report your GSTIN and turnover as per GST in ITR.

As far as LUT is concerned, though relaxations are provided many times and LUT is considered applicable for entire FY for which it is applied, but you need to write a letter to your jurisdictional officer for the same. Thus it should be ensured that LUT is filed right after GST registration and then only invoices are issued.

Please note that since you will be exporting services under letter of undertaking and will be receiving remittances in a foreign currency, your services will be classified as zero rated. You don't need to pay any GST, only the invoice value needs to be mentioned in the GST returns.

FYI, today is the last day to submit GSTR 1 for the quarter ending December 20.

- invoices raised after obtaining LUT will be exempt from tax. You need not to pay any tax on it.

- Apply LUT immediately after obtaining registration bcz you are providing export services.

-  Today is last date for filing of GSTR-1 for quarter ending 31.12.2020. Last date for GSTR-3B of GSTR-3B is 24.01.2021. Don't forget to claim ITC on GST paid to payment gateways.  Check your GSTR-2A/2B for the same. Claim refund of ITC.

- Simultaneously you can also check your GST turnover in Form 26AS.

Once you are registered under GST whether voluntarily or whether after crossing limit you have to do all GST compliance.

Hope you find the information helpful if you do please rate it 5 and if you need further discussion you can book a phone consultation.

Thank you