3 Month EMI Relief - LUT Registration & COVID Filing

We hope you and your family are safe and staying at home during the lockdown period. At Caonweb, our team has continued to work from home and serve you on all working days.

In an effort to help our customers further, we have already provided FREE MCA COVID-19 filing to ROC to all our clients. Feel free to contact us if you have not filed your MCA COVID-19 yet. Also, we are providing free LUT REGISTRATION under GST to all our clients.

Why LUT Registration?

GST for the export of goods and services in India is zero-rated. Zero-rated supply does not mean that the goods and services have a tax rate of ‘0 ’. It means that the recipient of the supply is entitled to pay ‘0%’ GST to the supplier of goods or services. By taking LUT (Letter of undertaking) an exporter of services can make the export without paying any GST.

MCA COVID-19 Compliance

All companies and LLPs registered in India are requested to file COVID-19 compliance with the MCA to help the Government understand the readiness of work from home initiatives. The process takes just a few minutes and it is recommended that all eligible entities file the same at the earliest. 

Relief measures announced by Government at this phase when the economy is disturbed.

3 Month EMI Relief

Finally, the Government has provided a 3 month EMI relief for all term loans and an interest moratorium on working capital facilities. Any delay in payment of loans over the next three months will not lead to an impact on CIBIL score. 

GST Filing Due date postponed to 30^th June 2020

Extension of the last date for filing GSTR-3B for Goods and Services Tax (GST) for March, April, and May to June 30.

Companies that have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty. For bigger companies, late fees and penalty will not apply and only interest at a reduced rate of 9% will be charged.

Also, the last date of applying for composition scheme is now 30^th June.

ITR Filing last date extended for FY 18-19

The government has also extended the deadlines for filing an income tax return (ITR) for FY 2018-19 to June 30, 2020, from the present one of March 31, 2020. For FY 2018-19, delayed payment for tax payments have been reduced from 12 percent to 9 percent.

Que- How do you get Lut?

Ans- To apply LUT, you need to:

1. Login to the GST website.
2. Click on User Service.
3. Click on Furnish Letter of Undertaking (LUT)
4. Fill the form.
5. Submit with EVC or DSC.