Under Notification No. 37 /2017 – Central Tax dated 04 October 2017 letter of underacting is issued2.What is the validity of LUT?
In common practice department issue LUT for up to end of financial year. Example: XYZ Ltd applied LUT in Sept 17 , the department will give LUT valid till 31 March 2018.3. Does Exporter need to renew LUT once received by department ?
Yes. As LUT received are given for a period ending upto financial year. Hence Registered person need to apply for renewal of LUT.4. What exporter is not having LUT?
Under the GST Regime Exports are treated as interstate supply on which GST Shall be applicable.5. What is the benefit of having LUT for exporter ?
Exporter of goods or service who is in possession of valid LUT need not to pay GST on export of goods or services and take GST refund later.