Quick Summary
In view of COVID-19 pandemic situation, the Government today extended relief to 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. CBIC said that this extended time period wou
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FAQ :
The government has extended the re-import period for cut and polished diamonds by three months.
The extension has been granted due to disruptions caused by the COVID-19 pandemic, which prevented exporters from re-importing diamonds within the original timeframe.
This extension applies to cut and polished diamonds sent abroad for certification and grading that should have been re-imported between February 1st, 2020, and July 31st, 2020.
Yes, re-import within the extended period will be without payment of Basic Customs Duty (BCD) and IGST.
This facility is available to exporters with an average annual export turnover of Rs. 5 crore for the last three years.
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