Procedure to Claim a Refund:
Prepare a Detailed Statement: Create a comprehensive statement with invoice-wise information about the goods supplied as deemed exports.
Obtain an Acknowledgment: Get an acknowledgement from the tax officer responsible for the Advance Authorisation (AA) or Export Promotion Capital Goods (EPCG) holder recipient.
Attach a Copies of the Signed Tax invoice: A copy of the recipient’s signed tax invoice is required for Export Oriented Units (EOUs), Electronic Hardware Technology Park Units (EHTPs), Software Technology Park Units (STPs), and Bio-Technology Park Units (BTPs).
Provide Letters of Undertaking (LoUs):
No ITC Claimed: The recipient must submit a Letter of Undertaking confirming that no ITC has been claimed for the transaction.
No Refund Claim: The recipient must also provide a Letter of Undertaking stating they will not claim a refund for the transaction.
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When handling deemed exports, staying compliant is crucial for the success of your business. Understanding the applicable regulations and providing proper training to your team can make all the difference. Following the rules can avoid penalties and protect your business from legal issues. Regularly update your staff on the latest policies and ensure they know how to manage sensitive data and goods. With the right knowledge and training, you can confidently navigate the complexities of deemed exports and focus on growing your business.
ShiprocketX: Simplifying Exports for eCommerce
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