CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

CBIC gives 3 months extension for re-import of cut and polished diamonds

Posted on 13 July 2020

LinkedIn


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 would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad. This extension shall apply to all cut and polished diamonds that should have been re-imported between 1st Feb. 2020 to 31st July 2020 but which could not be brought back due to disruption on account of COVID-19 pandemic situation.

CBIC said that this relief was announced by suitably amending the Notification No. 09/2012-Customs dated 9th March 2012. The re-import in the extended period would be without payment of Basic Customs Duty (BCD) and IGST. This facility is available to exporters with average annual export turnover of Rs. 5 crore for the last three years.

It may be noted that this 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. A number of such consignments were also awaiting clearance with Customs.

Tags :






Trending Tags

GST Live Class    |    x