India Entry & Business Startup Consultings

CBIC issued requirement of new LUT for FY 2019-20

CBIC issued requirement of new LUT for FY 2019-20

The CBIC vide Instruction No. 450/153/2017 – Cus IV dated April 30, 2020 has state that LUT which is required to be submitted by exporter at the time of clearing export shipments for FY 2020-21 stand extended to 30.06.2020. Notification No. 37/2017-Central Tax, dated 04.10.2017, requires LUT to be furnished for a financial year. However, in terms of notification No. 35/2020 Central Tax dated 03.04.2020, where the requirement under the GST Law for furnishing of any report, document, return, statement or such other record falls during between the period from 20.03.2020 to 29.06.2020, has been extended till 30.06.2020.

Therefore, in terms of Notification No. 35/2020-Central Tax, time limit for filing of LUT for the year 2020-21 shall stand extended to 30.06.2020 and the taxpayer can continue to make the supply without payment of tax under LUT provided that the FORM GST RFD-11 for 2020-21 is furnished on or before 30.06.2020. Taxpayers may quote the reference no of the LUT for the year 2019-20 in the relevant documents.

Source: https://www.ascgroup.in/wp-content/uploads/2020/05/CBIC-30042020.pdf

 

Leave a Reply

Your email address will not be published. Required fields are marked *

 

SUBSCRIBE OUR NEWS LETTER