Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 27-1-2017 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN SECTION 2(37) DEEMED EXPORTS:- In continuation to our updates on definitions in Revised Model GST Law, we hereby discuss the definition of deemed exports which reads as follows:- Deemed Exports , as notified by the Central Government/State Government on the recommendation of the Council, refer to those transactions in which the goods supplied do not leave India, and payment for such supplies is received either in Indian Rupees or in convertible foreign exchange; The term deemed exports is often referred in the context of Foreign Trade Policy but it is observed that the proposed GST regime seeks to provide definition of deemed
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cover supply of goods under advance authorisation, supply to EOU/STP/EHTP/BTP, supply of capital goods against EPCG etc. Since the objective of introducing the concept of deemed exports under FTP is different. It allows the one of three benefits viz. refund of Terminal excise duty, duty drawback and advance authorisation to supplier of goods. The proposed revised GST Law proposes to remove any ambiguity as regards transactions that will be considered as deemed exports. This is for the reason that under GST Law, relevance of deemed exports is limited to grant of refund of taxes on supply of goods regarded as deemed exports. Even this will not allow the removal of gods at nil rate of duty which is allowed in present regime particularly for s
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