What is LUT Letter of undertaking | letter of undertaking in hindi by Paresh Solanki

This is a quick video detailing the letter of undertaking for export businesses.

The full form of LUT is Letter of Undertaking. It is a document that exporters can file to export goods or services without having to pay taxes. Under the new GST regime, all exports are subject to IGST, which can later be reclaimed via a refund against the tax paid.

Given the difficulties faced by many exporters in processing of tax refunds, alternative options can seem very attractive. An LUT spares exporters the effort of pursuing a refund and eliminates the blocking of funds by way of tax payments. Its filing can be done online, making it super-easy and quick.

The LUT is also beneficial for regular exporters. An LUT once filed remains valid for the entire financial year. The submission of a few supporting documents along with the specified LUT form is sufficient to set the ball rolling, and help exporters save much-needed working capital from getting stuck in tax refunds.

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