Every individual/business entities, whose annual turnover for the current financial year exceeds Rs.20lakhs, is required to get the registration under goods and service tax (GST).
Goods and service tax is used in India for supply of goods and services. It is divided into five tax slabs for collection of tax- 0%, 5%, 12%, 18% and 28%. However tax is not levied on petroleum products, alcoholic drinks and electricity.
Every registered dealer whose turnover for the previous year crosses R.2 Crs needs to file annual return under GST by filing Form 9 and 9C before 31st May from the end of the relevant previous year.
The Letter of Undertaking is a document submitted by the exporter in order to export goods or services without the payment of taxes. In case the LUT is not filed, the exporter may export by payment of IGST and then claim the refund of tax paid. Letter of Undertaking is filed online using the form GST RFD 11.
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