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How to File Form GST RFD 11 – Letter of Undertaking under GST

How to File Form GST RFD 11 – Letter of Undertaking under GST

‘Export’ and ‘Supply to SEZ units’ collectively termed as “Zero-rated Supply” under GST. Therefore the  Procedures for ‘Export’ and ‘Supply to SEZ without charging tax’ are similar ( Form GST RFD 11 )

A registered person making zero-rated supply shall be eligible to claim a refund under either of the following options, namely:-

(a) he may supply goods or services or both Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim a refund of unutilised input tax credit; or

(b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and claim a refund of such tax paid on goods or services or both supplied

LUT/Bond need to be submitted to the Proper GST officer :

Notification No. 16/2017 – Central Tax dated 7th July 2017 specifies conditions to be fulfilled for export under Letter of Undertaking (LUT) in place of a bond.

Export under Letter of Undertaking (LUT) :

 Form GST RFD 11 (LUT) is generally submitted online through GST Portal. The following exporters would need to file LUT in Form GST RFD 11. LUT shall be valid for 12 months

·         Only following categories of Exporters can avail facility of LUT:

(1) Status holders, that is, Star Export houses under Foreign Trade Policy (2015-2020) OR

(2) Exporters who have received a remittance which is higher of:

(a) Rs. one crore or

(b) 10% of export turnover,

Export by Issuing Bond

Any other registered person other than mentioned above doing exports without the payment of IGST would need to file a bond which is available in the form GST RFD-11 under GST. Small exporters should file GST RFD-11 prior to the export if they want to avoid the blocking of working capital. A detailed analysis of the form GST RFD-11 is provided in our series of article on refund forms. You would need to select which type of document is furnished (Bond or LUT)  in the form GST RFD-11.

Step by Step guide to filing Form GST RFD 11

#Step 1 : After login to www.gst.gov.in Select under > Services > User Services > Furnish letter of undertaking (LUT)

#Step 2: Select LUT Applied for the financial year & upload the Previous Letter of Undertaking (LUT) if you have, using choose file option.

#Step 3: Click tick mark on check box

#Step 4: You need to enter two witness details like Name, Occupation and Address of witness.

#Step 5 : You can submit either using EVC or DSC

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Major Changes in Income Tax Law w.e.f 1st April, 2018

Major Changes in Income Tax Law w.e.f 1st April, 2018

Photo credit:newsworldindia.in

  • Income Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%)
  • Payment of Rent – Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) – Deduct TDS @5%.
  • Cess levied on your tax liability has been hiked by 1 percent from the current 3 percent to 4 percent.
  • Income Tax rebate is reduced to Rs. 2500 from Rs. 5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
  • Increase the tax-exempt limit on interest income for senior citizens from Rs 10,000 to Rs 50,000.
  • Limit for payment of expenses by way of cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
  • There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.
  • No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
  • Those companies whose turnover is up to Rs. 250 crore, will now have to pay corporate tax at the rate of 25%.
  • Late fee if IT Return not filled on time, Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.
  • A simple one-page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Income from Business).
  • Those filing returns for the first time in this category will generally not be subject to scrutiny.
  • ITR-1 for Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh.
  • It is mandatory to disclose the Aadhaar number while filing IT Return

Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax Slab Tax Rate
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Health & Education Cess: 4% of Income Tax.

*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax SlabTax Rate
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Health & Education Cess: 4% of Income Tax.

*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax SlabTax Rate
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Health & Education Cess: 4% of Income Tax.

*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slab for Domestic Companies for FY 2018-19 – Part IV

TurnoverTax Rate
Gross turnover up to 250 Cr. in the previous year25%
Gross turnover exceeding 250 Cr. in the previous year29%

In addition cess and surcharge is levied as follows:

Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

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