Online submission of Legal Undertaking (LUT) to save transaction time & cost: FIEO

Posted by Daily Shipping Times on 02-04-2018        Tweet

NEW DELHI: Welcoming the decision of the Ministry of Finance to provide online submission of Legal Undertaking (LUT) at the GSTN portal, President FIEO 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. The online procedure is much simple and will reduce the physical interface with tax authorities.