Reconcillations
Plan
Process
Documents and Information Required
Plan
An LUT (Letter of Undertaking) allows exporters to ship goods and services without GST payment. Key points:
- Declares intent to export without IGST payment as per Rule 96A.
- Commits to follow GST laws; liable for IGST if export conditions aren’t met.
- Filed annually.
Process
To conduct reconciliation:
- Gather all necessary data.
- Compare business-filed data with supplier and customer-provided data.
- Identify discrepancies, if any.
- Rectify errors found.
- Prepare a reconciliation statement documenting the entire process.
Documents and Information Required
- GST returns
- Sales and Purchases invoices
- Credit and Debit notes
- Bank statements
- Ledgers and General accounting records
- E-Way bills
- ITC register
- Reconciliation statement
- Other supporting documents