How to avail Input Credit

[Pinnacle PvtLtd]

Sir:

We are a BPO company having international clients. I mean we export our services and get billed in $. We have taken GST registration but not taken LUT since 2017. Currently we are having 50 lakhs as input credit which were accumulated since April 2019 till date.. I need your valuable suggestion regarding refunding of GST input credit..

Thanks,

Srinivasa

AI Summary

Refund of input tax credit allowed despite delayed LUT filing if exports realised and ITC is in credit ledger.
Non-filing of a Letter of Undertaking does not automatically preclude refund of accumulated input tax credit where services were exported and foreign exchange realised; LUT is primarily a revenue safeguard. Delay in furnishing LUT may be condoned and export under LUT allowed retrospectively; the taxpayer should seek waiver/condonation from the tax department and submit a manual RFD-11. The input tax credit must be available in the Electronic Credit Ledger as a precondition for claiming the refund.