Provision of Legal Undertaking for GST Filing will be a Boost for MSME Exporters : FIEO
Federation of Indian Export Organisations (FIEO) recently said that the government’s decision to provide online submission of Legal Undertaking (LUT) will save transaction time & cost for exporters.
FIEO President Ganesh Kumar Gupta, President welcomed the the decision of the Ministry of Finance to provide online submission of Legal Undertaking (LUT) at the GSTN portal.
He said that such a move will help the exporters particularly those from MSME segment and will result in saving transaction time & cost. He urged the exporters to avail the facility immediately as a new LUT would be required for exports from 1st of April, 2018.
FIEO said that submission of LUT is mandated to exports goods/services without payment of IGST. Earlier, exporters were required to submit the LUT in hard copy to their jurisdictional tax authorities at the principal place of business in the State.