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Requirement of re-import of cut and polished diamonds relaxed by 3 months
Diamonds
Government has extended relief to the gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months.
Government has extended relief to the gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months.
The decision was taken in view of COVID-19 pandemic situation. Central Board of Indirect Taxes and Customs, CBIC said, the extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad.
Three Months Extension for Re-import of Cut and Polished Diamonds @nsitharamanoffc @ianuragthakur @FinMinIndia pic.twitter.com/J19XgSFR0n
— CBIC (@cbic_india) July 12, 2020
This extension will apply to all cut and polished diamonds that should have been re-imported between February 1, 2020, to July 31, 2020, but which could not be brought back due to disruption on account of COVID-19 pandemic situation.
CBIC said, the relief was announced by suitably amending the Notification dated March 9, 2012. The re-import in the extended period would be without payment of Basic Customs Duty and IGST. The facility is available to exporters with average annual export turnover of Rs five crore for the last three years.
The relief is given to those exporters whose graded cut and polished diamonds were stuck abroad as the period of three months, ordinarily allowed for re-import had expired due to pandemic. Many such consignments were also awaiting clearance with Customs.
