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ABOUT LUT REGISTRATION
Letter of Undertaking or LUT is mandatory to be filed with the government if you want to export goods without payment of tax.
The main objective of government behind the introduction of LUT registration is the promotion of exports from India.
IGST Free Export
You do not need to pay the IGST on exporting your goods if you carry a LUT certificate.
With LUT, you will be able to grab the global opportunities easily with comparatively less lengthy customs procedure.
Saving more funds
On carrying LUT registration, you can avoid plugging your funds into paying IGST liability which can rather be utilized for boosting your export business.
Gone are those days when you had to wait for months for getting the refund of taxes paid on exports. You can now conduct export without paying IGST.
WHAT IS AN LUT?
LUT is an acronym for the Letter of Undertaking, which is a document filed by an exporter to get a relief from payment of IGST on exports. In order to boost exports, the government has provided the option of filing LUT for exporters to do exports without payment of IGST.