CBIC exempts import of Gold & Silver & their dore under Export promotion schemes from AIDC

Last updated: 19 February 2021

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The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification exempting the import of gold, silver, and their dore from the Agriculture and Infrastructure Development Cess (AIDC). This exemption applies specifically when these precious metals are imported under various export promotion schemes. The amendment modifies an existing customs notification from February 1, 2021.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
New Delhi,

NOTIFICATION No. 18/2021 – Customs

Dated: 17th February, 2021

G.S.R. 117(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with clause 115 of the Finance Bill, 2021 (15 of 2021), which, by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), has the force of law, the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 11/2021-Customs, dated the 1^stFebruary, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 69 (E), dated the 1^stFebruary, 2021, namely:‑

In the said notification, in the ANNEXURE, after serial number 9 and the entries relating thereto, the following serial numbers and entries shall be inserted, namely: –

“10.	Notification No. 56/2000-Customs, dated the 5^thMay, 2000 *vide* number G.S.R. 399 (E), dated the 5^th May, 2000.
11.	Notification No. 57/2000-Customs, dated the 8^thMay, 2000 vide number G.S.R. 413 (E), dated the 8^thMay, 2000.”.

[F. No. DGEP/G&J/05/2017] RAJEEV RANJAN, Under Secy.

Note. The principal notification No. 11/2021-Customs, dated the 1st February, 2021 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 69 (E), dated the 1st February, 2021.

FAQ :

Imports of Gold, Silver, and their dore are exempted from AIDC.

The exemption is applicable when gold, silver, and dore are imported under Export Promotion Schemes.

The Central Board of Indirect Taxes and Customs (CBIC), under the Ministry of Finance, issued this notification.

This notification is dated 17th February, 2021.

No, this exemption specifically applies to imports made under Export Promotion Schemes.

Notification No : 18/2021 – Customs
Source : https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/cs18-2021.pdf

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