- The order will be applicable to Diamonds which will be imported again from 1 February 2020 to 31 July 2020.
- Exporters who have imported an average of Rs 5 crore in the last three years will get this facilitynew Delhi. In view of the special circumstances of the Corona Period, the government gave relief to the Gems & Jewelry sector by giving a three-month exemption in re-import of carved and polished diamonds (3 Months Exemption in Re- Import of Cut and Polished Diamonds). According to the Central Board of Indirect Taxes and Customs, this extra time, exporters will get to bring back the polished and polished diamonds after proper certification and grading by specified laboratories abroad.Also read: RIL’s share reached 52-week high with 1947 rupees, 129% return in 110 days
These diamonds will be exempted.
This additional time will apply to all the polished and polished diamonds that were to be imported again between February 1, 2020 and July 31, 2020, but due to the disruption caused by the anomalous situation of the Kovid-19 epidemic. Those could not be brought back. CBIC has announced this relief by making appropriate amendments to the notification number 09/2012-Customs dated 9 March 2012. - Also Read: Big announcement for migrant laborers, now free grain will be available till august
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Relief to these jewelers will
not be required to pay Basic Customs Duty (BCD) and IGST for re-import in additional time period. This facility is meant for those exporters whose average annual export turnover has been Rs 5 crore in the last three years. This relief has been provided to the exporters whose graded cut and polished diamonds were stranded overseas during the three-month period and their re-importation was terminated due to the epidemic.
