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Last updated: 13 Jul, 2020  

Jewellery.9.Thmb.jpg Import compliance relief extended for gems, jewellery sector

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SME Times News Bureau | 13 Jul, 2020

In view of the Covid-19 pandemic situation, the 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.

In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said on Sunday 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 February 2020 and 31st July 2020 but which could not be brought back due to disruption on account of Covid-19 pandemic situation," it said.

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 said.

This relief is given to those exporters whose graded cut and polished diamonds were stuck abroad, the statement said.

 
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