Deemed Exports under GST refer to the supply of goods or services from India to a Special Economic Zone (SEZ), which is treated as an export for the purpose of GST.

Deemed Imports under GST refer to the supply of goods or services into India from a Special Economic Zone (SEZ), which is treated as an import for the purpose of GST.

Deemed Exports under GST are exempt from GST, meaning a GST rate of 0% is applicable.

Deemed Imports under GST are subject to the same GST rate as that applicable on the import of goods into India.

Both manufacturers and exporters are eligible to claim Deemed Export benefits under GST.

Both importers and SEZ units are eligible to claim Deemed Import benefits under GST.

To claim Deemed Export benefits under GST, all of the following documents are required: Shipping bill, Bill of lading, and Export invoice.

To claim Deemed Import benefits under GST, all of the following documents are required: Bill of entry, Import invoice, and Import license.

The time limit for filing a Deemed Export claim under GST is 90 days from the date of export.

The time limit for filing a Deemed Import claim under GST is 30 days from the date of import.

Failure to file a Deemed Export or Deemed Import claim within the prescribed time limit can result in both penalty and interest being levied.

ITC can be claimed on Deemed Exports, but not on Deemed Imports.

Deemed Exports and Deemed Imports have multiple benefits, including facilitating international trade, promoting economic growth, and simplifying GST compliance.

Deemed Exports and Deemed Imports under GST can be challenging due to complex documentation requirements, time-consuming procedures, and the risk of misuse and fraud.

To address the challenges associated with Deemed Exports and Deemed Imports under GST, measures such as streamlining documentation requirements, simplifying procedures, and strengthening regulation can be taken.