LUT stands for Letter of Undertaking. This is obtained to export goods or services without paying IGST (Integrated GST).
Instead paying GST and getting refund LUT is better.
Any GST-registered person exporting goods or services can file an LUT, except those who have been prosecuted for any offence involving tax evasion exceeding ₹250 lakh.
It remains valid for the financial year and need to renewed after every year.
