Questions on lut and gst exports

1. You can file a new LUT for FY 20-21.

2. Yes, you are right that one of the main condition of claiming export benefit is that the payment should be received in convertible foreign exchange. This means that you should have an FIRC in place for all the payments you receive from outside India. You need to speak to transferwise guys to provide you an FIRC transferwise must be using some or the other bank's services for converting these US dollars into INR and that Bank must be able to provide the FIRC to transferwise.

3.if you are exporting services that doesn't mean you will have to file a Nil return. Nil return means when you don't provide any kind of services. if you are exporting then you will have to mention the export services in the respective table of gstr-3b. However there will not be any GST payment.

Hello,

1. You can file the LUT for the current F.Y. now.

2. To cover payments received from transferwise as exports, you need to have FIRC for the inward receipts. Transferwise provides E-FIRC through its banking partners in India. You can contact transferwise for the procedure.

3. NIl return is filed when you don't have any inward or outward supplies made during the return period. In your case, if you are providing export services during the Feb & March period, you cannot file an NIL return. You need to declare the export supplies under the correct head in the GSTR-3B and GSTR-1 returns.

For a detailed resolution of your query, you can contact us directly or take a phone consultation.

Regards,

CA Hunny Badlani

1. File LUT for 2020-21.

2.It is treated as valid consideration received in foreign exchange. Collect FRC.

3. You need to show sale value in under zero rated supply in both GSTR-1 and 3B.

File returns after obtaining LUT otherwise you will be liable to pay GST @18% with interest. You can claim refund of ITC paid on business expenses.

Dear Sir,

Hope you are doing well !!

1.You can file a LUT for FY 20-21.

2.Yes, those payments are considered as export.

3.No, Nil return is applicable when you don't have any kind of supplies. Otherwise you need to mention the details of export services under GSTR 3b and GST 1.

We may assist you in entire GST compliances and filings.

It is advisable to take a phone consultation for detailed discussion.

File Condonation of delay for FY 2019-20 and file your LUT also. payments received from transferwise will be considered as export.

Dear Sir

1) You should instantly file LUT for 2020-2021. Further, prepare a condonation request for the delay and furnish the same to the department and take the acknowledgment for the same. Prepare the invoice with the ARN number of LUT for 2020-21. When you proceed for refund application if any, with the department then submit the acknowledged copy of the same along with the other documents.

2) Yes, for service to be treated as exports the consideration must be convertible foreign exchange. You will be needing FIRC or BRC from your banker to prove that you have received foreign currency. Else you will be required to pay GST @ 18% on all the invoices raised.

3) Yes, you can file the NIL return even if you have the LUT.

Trust this clarifies. In case of any concern feel free to revert.

Thanks