2846 views Managing LUT (Letter of Undertaking) bonds is a critical aspect of compliance for businesses engaged in exports with/without payment of IGST.
To streamline this process, we have provided the LUT Bond Details and History feature in our software. This powerful tool allows you to track and manage the history of all your LUT bonds in one centralised location.
Benefits
- Compliance: Create Export Invoices with the details like LUT/Bond number and with or without calculation of IGST for foreign customers.
- Stay Compliant: Never miss a renewal date or important update with all your LUT bond information at your fingertips.
- Save Time: Reduce the time spent searching through multiple documents or systems to find your LUT bond details. Everything is neatly organised in one place.
- Improved Reporting: With the ability to generate reports on your LUT bond history, you can easily share information with stakeholders or use it for internal audits.
How It Works
- Accessing LUT Bond History: Navigate to the LUT Bond History section from Settings > Statutory Information > GST Details > Provide LUT/Bond Details.
- Here, users will find fields for entering the LUT/Bond No. and Validity range to add new Bond/LUT details, as well as a “View History” option to review the history of all added bond details.
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- Viewing Details: Click it to check the list of all your submitted LUT bonds and view their detailed information, including Number, Validity from date, Validity To date and current applicable LUT/Bond number.
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LUT/Bond operation in Sales Invoice:
- Once the LUT/Bond details option has been enabled and a LUT/Bond number with a date range has been added, you will have the option to calculate IGST when creating an export sales invoice for any foreign client.
- Toggle the “Don’t want to execute LUT/bond & supply with payment of IGST” option as needed to calculate GST accordingly for Export invoices.
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- Following the creation of an export sales invoice, the LUT/Bond No. details will be displayed on the printed output.
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For any inquiries or assistance, don’t hesitate to get in touch with the support team.
