November 30, 2020

Authorities extends time for duty-free import of diamonds despatched for certification

The federal government has allowed re-import of minimize and polished diamonds which have been despatched overseas for certification and grading by three months, granting aid to gems and jewelry in view of Covid 19 pandemic.

In a press release on Sunday, the Central Board of Oblique Taxes and Customs (CBIC) mentioned that the prolonged time interval could be accessible to exporters to convey again minimize and polished diamonds after due certification and grading by specified laboratories overseas.

The aid is given to these exporters whose graded minimize and polished diamonds had been caught overseas because the interval of three months, ordinarily allowed for re-import had expired as a result of pandemic. Quite a few such consignments had been additionally awaiting clearance with Customs.

“This extension shall apply to all minimize and polished diamonds that ought to have been re-imported between 1st Feb. 2020 to 31st July 2020 however which couldn’t be introduced again as a result of disruption on account of COVID-19 pandemic scenario,” it mentioned.

The re-import within the prolonged interval could be with out fee of Fundamental Customs Obligation (BCD) and built-in items and companies tax (IGST). This facility is on the market to exporters with common annual export turnover of Rs 5 crore for the final three years.