Question

Who is the first party and secomd party to obtail lut under gst regime?

Answer 1

first person : supplier of goods
second person: receiver of goods

Answer 2

Answer:

LUT and bonds are instruments that evidence an undertaking by the taxpayer for exports. Here we give an insight into the details about when to opt for LUT and when to opt for Bond. Not only this but also how to claim the refund of IGST paid on exports in simple steps.

Table of contents

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Background to Exports and GST

Brief on refund of IGST paid on Exports

Steps for claiming refund of IGST paid on Exports

When to file form RFD-01 / RFD-01A (for tax refund in case of exports)

What is Letter of Undertaking (LUT) and Bonds

Who can use Letter of Undertaking (LUT) and Bonds for exports

What happens if goods or services are not exported?

How to file Letter of Undertaking (LUT) and Bonds for exports

Format of LUT and Bonds in RFD-11