SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 13 Jul, 2020  

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

Jewellery.9.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
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.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter