Deemed Exports Under Foreign Trade Policy In India
May 20, 2023 ⚊ 1 Min read ⚊ Views 70 ⚊ BUSINESS
Deemed exports refer to those transactions in which the goods supplied do not physically leave the country but are treated as if they are exported. Under the Foreign Trade Policy (FTP) in India, deemed exports enjoy certain benefits and incentives. These benefits are primarily aimed at supporting domestic manufacturers and promoting the growth of specific sectors. Deemed export status is granted to transactions such as supplies made to Export Oriented Units (EOUs), projects funded by international agencies, government-funded projects, and supplies to specified categories of organizations. By providing deemed export benefits such as duty drawback, exemption from payment of certain taxes, and eligibility for export promotion schemes, the Indian government encourages the participation of domestic manufacturers in the global value chain and enhances their competitiveness in international markets. ASC Group provided comprehensive advisory on Deemed Exports under FTP and GST.
