Hi
You can apply for the LUT now.
It had been clarified that even if applied later, LUT shall be applicable for the entire Financial Year.
No condonation to be applied for.
Delay in Renewing LUT for Exports under GST act
We have forgotten to renew our LUT for Exports under GST Act for the period from April 2019. We have filed our GSTR 1 return for the period from April 2019 to August 2019 without renewing our LUT. We would like to renew our LUT. We would like to understand if we can ask for condone and what will be the consequences and chances of getting condone. Whom should we apply for condone. Can you please elaborate and give us professional recommendations on the whole issue above.
Asked 5 years ago in GST
- It is better to pay tax on the exports done for the non- LUT period and apply for the refund.
- Application for condonation is not available online.
Hello,
You should apply for LUT now, it will be valid from the date of approval till the end of the financial year.
For the period April to Aug. 2019, you need to pay IGST and apply for the refund later.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Dear Sir,
Hope you are doing well !!
-The Letter of Undertaking will be valid for whole financial year in which it is furnished.
-You can apply now.
- Condonation application is not available.
Actually the LUT is for whole financial year so even if you apply it now it will be eligible for whole year and currently there is no option for condonation we need to wait for any notice and then give our explanation later on.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
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