GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India, replacing multiple taxes like VAT, Service Tax, and Excise Duty.

Businesses with an annual turnover of ₹40 lakh (₹20 lakh for services) must register. For special category states, the threshold is lower.

IEC (Importer Exporter Code) is a 10-digit code required for importing or exporting goods and services from India.

IEC can be applied online through the DGFT portal by submitting a PAN card, Aadhaar, bank details, and a digital signature.

Yes, IEC must be updated every year between April and June on the DGFT website.

LUT is a declaration that allows exporters to export goods/services without paying IGST.

Any registered taxpayer making zero-rated exports can apply.

LUT is valid for one financial year and must be renewed annually.

You can register online via the Udyam Registration portal using your Aadhaar and PAN details.

Form 15CA is a declaration to be submitted online to the Income Tax Department for any foreign remittance.

Form 15CB is a chartered accountant certificate required when the remittance exceeds ₹5 lakh and is taxable.

Failure to file can attract a penalty of ₹1 lakh under Section 271-I of the Income Tax Act.

GST (Goods and Services Tax) is an indirect tax levied on goods and services. Businesses with an annual turnover of ₹40 lakh (₹20 lakh for services) must register.

You can file your ITR online through the Income Tax e-Filing portal by submitting income details, deductions, and tax payments.

IEC (Importer Exporter Code) is a 10-digit code required for businesses involved in international trade. It is issued by DGFT (Directorate General of Foreign Trade).

A Letter of Undertaking (LUT) allows exporters to supply goods/services without paying IGST. It must be renewed every financial year.

Form 15CA is an online declaration required before making foreign remittances. If the remittance exceeds ₹5 lakh, Form 15CB (CA Certificate) is also needed.

You can check your GST return filing status on the GST Portal (www.gst.gov.in) under the "Returns Dashboard" section.

Late filing attracts a ₹50 per day penalty (₹20 for NIL returns) plus 18% interest on the tax due.

A PAN card can be applied online via the NSDL or UTIITSL websites by submitting identity and address proof.

ITR refunds can be tracked on the Income Tax e-Filing portal under the "Refund Status" section.