Add LUT

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What is LUT?

Letter of Undertaking is abbreviated as LUT. 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.

Overview

In ERP software, Letter of Undertaking is a document submitted by the exporter in order to export goods or services. The main purpose behind creating a letter of undertaking is to avoid the creditors from seizing the ship and releasing it on bond.The term letter of undertaking is also commonly used in Central Excise when goods are permitted for export without payment of duty.

Steps to be performed to create LUT

1. Go to Material Management.

2. Now, click on Sale.

3. Click on LUT as highlighted below.

4. Following screen will open.

5. Enter LUT code > Enter Description as required.

6. Click on save and continue.

7. Click on Edit option if required any changes.

8. To delete this entry click on Bin icon.

9. Next, Click on report to check all created Database.

10. LUT report will be opened and can be downloaded in excel.

How did we do?

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