GST New Important Rules 2020

Application For "LETTER OF UNDERTAKING (LUT)" IN RFD-11

All the Exporters registered with Good and Services Act, 2017, Please pay attentions Any registered person availing the option to Supply Goods or Services for export without payment of integrated tax shall furnish LUT.

As per Rule 96A of CGST Rule, Any registered person availing the option to Supply Goods or Services for export without payment of integrated tax shall furnish, Prior to export, a bond or a Letter of Undertaking in form RFD-11 to the jurisdictional Commisioner binding himself to pay the tax due along with the interest.

The validity of LUT availed for the F.Y 19-20 will expire on 31.03.2020. An assessee is required to apply for LUT prior to making export. Hence, LUT for F.Y 2020-21 should be applied online before 31.03.2020. For the F.Y 2020-21 facility to upload the same has been enabled on GSTN Portal. Submission/Renewal of LUT is a very simple and user-friendly proceedure.

Invoice Number/Sereies for F.Y 2020-21 under GST w.e.f 01.04.2020 

Relevant Text of Rule 46 is given below for reference: 

b) A Consecutive Serial number not exceeding sixteen characters, hypen or dash and slash symbolised as "-" and "/" respectively, and any combination thereof, Unique for a Financial Year.

• • Rule 46 of CGST Rules does not mandates a taxpayer to freshly start as invoices series for the new financial year. Taxpayer can continue the invoice serial number from when he left on the 31st March.
  • An Important points that needs  to be kept in Mind is that combination series of such invoice number shall be UNIQUE for that FINANCIAL YEAR.
  • Hence all the Documents like tax invoice, Debit notes, Credit Notes, Delivery Challans, Self Invoices, Receipt Vouchers e.t.c should be issued under new series from 1st April 2020.
  • It is pertinent to note that Particular document (say Tax Invoice) may have 'n' No: of series.
  • However, It is purely a taxpayer's choice and convenience if someone wants to start a fresh invoices of Series.