Govt extends time for duty-free import of diamonds sent for certification
The government on Sunday said it has relaxed the deadline for re-import of cut and polished diamonds that have been sent abroad for certification and grading by three months in the wake of COVID-19 pandemic
The government on Sunday said it has relaxed the deadline for re-import of cut and polished diamonds that have been sent abroad for certification and grading by three months in the wake of COVID-19 pandemic.
The three-month extension shall apply to all cut and polished diamonds that should have been re-imported between February 1 to July 31 this year but which could not be brought back due to disruption on account of coronavirus pandemic situation, the Central Board of Indirect Taxes and Customs (CBIC) said in a statement.
The extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad, it noted.
"In view of COVID-19 pandemic situation, the government today extended relief to 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," it said.
It added that the re-import in the extended period would be without payment of Basic Customs Duty and IGST.
"This facility is available to exporters with average annual export turnover of Rs 5 crore for the last three years. It may be noted that this relief is given to those exporters whose graded cut and polished diamonds were stuck abroad as the period of three months, ordinarily allowed for re-import had expired due to pandemic," it said.
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A number of such consignments were also awaiting clearance with Customs, it added.
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