One of my client is into export services and his turnover exceeded 20 lacs in current financial year. He applied for gst registration in March 2022 but the application may get approved in April 2022 which becomes next Financial year.
My client will get GST registration certificate in next Financial year and he will be able to apply for LUT for exempting GST only in FY 2022-23.
What can be done for FY 2021-22 as his income from export of services is above Rs. 20 lacs but he was not able to submit LUT as registration was not given by department.
30 March 2022
You cannot apply for LUT for FY 2021-22. Ensure that you issue a revised invoice with GST after the GST registration is approved in April 2022. Where the application has been voluntarily made by the taxpayer then the effective date of registration shall be the date on which the application was filed by teh assessee. So you might get GST registration dated March 2022. After the registration is approved in March 2022 then you can apply for a refund of GST paid on the export of services.
31 March 2022
You don't need to do anything for 2021-22. After receiving registration certificate apply for LUT. Keep FIRC of all transactions. @CA R Seetharaman - Threshold limit applicable on export of services..
CAclubindia
