As per the provisions of IGST Act, export of goods and/or services are to be treated as “zero-rated supplies” and a registered taxable person exporting goods or services shall be eligible to claim a refund under one of the following two options:
1. Export under bond or letter of the undertaking without payment of Integrated Tax and claim refund of unutilized input tax credit.
2. Export on payment of Integrated Tax and claim refund of the tax so paid on goods and services exported.
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An Export of goods to Nepal or Bhutan fulfils the condition of GST Law regarding taking goods out of India. Hence, export of goods to Nepal or Bhutan will be treated as zero rated and consequently will also qualify for all the benefits available to zero rated supplies under the GST regime. However, the definition of ‘export of services’ in the GST Law requires that the payment for such services should have been received by the supplier of services in convertible foreign exchange.