New Delhi (NVI): The government has extended the deadline for re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months, in view of COVID-19 pandemic.
The step will provide relief to the gems and jewelry sector amid the ongoing pandemic.
In an official statement, the Central Board of Indirect Taxes and Customs (CBIC) said 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 February 1 to July 31 but which could not be brought back due to disruption on account of coronavirus pandemic situation,” it said.
— CBIC (@cbic_india) July 12, 2020
Further, CBIC said that this relief was announced by suitably amending the notification no 09/2012-customs, dated March 9, 2012.
It added that 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 an 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 a period of three months, ordinarily allowed for re-import had expired due to pandemic. A number of such consignments were also awaiting clearance with Customs, the CBIC statement read.