FIEO Urged MSME Exporters to Register LUT for GST Exemption by March 31, 2019
The facility of Letter of Undertaking (LUT) under Goods and Service Tax (GST), which is required for supply of exports/supply to SEZ units or developers without payment of IGST would lapse on March 31, 2019 for the financial year 2018-19, said Federation of Indian Exports Organization.
The association has requested the exporters to renew it online on or before March 31, 2019 so that export supply or SEZ supply can be done without of payment of IGST from April 1, 2019.
Under GST Law, every registered person who is in the business of exporting goods or service outside the purview of India desiring to export without the payment of IGST needs to furnish a Letter of Undertaking (LUT) to the concerned department manually or online for the financial year.
The validity of the LUT issued will be valid up to end of financial year. At the end of financial year, registered person are required to apply for the renewal of LUT for the next year in order to continue making the exports without the payment of IGST.
