GSTN Updates Refund Process for Recipients of Deemed Export: Changes to Calculation Formats, ITC Allocation and Filing Requisites

GSTN has updated the refund process for deemed export recipients, introducing changes to calculation formats, ITC allocation methods, and documentation requirements. The revised procedure allows partial refund claims and introduces a new reconciliation statement to match invoices with shipping bills. These changes aim to expedite refund processing while preventing fraudulent claims. Exporters must now file refund applications within six months of shipment and provide additional documentation like bond cancellation certificates. The updates particularly benefit sectors like pharmaceuticals and engineering goods that frequently use deemed export provisions.