Re-import of certified diamond extended
Extended till October 31, 2020!
G&J industry takes a sigh of relief!
In
a major relief to the Indian diamond industry, the Central Board of Indirect
Taxes and Customs (CBIC), Ministry of Finance, Department of Revenue,
Government of India, at the behest of the Gem & Jewellery Export Promotion
Council (GJEPC), announced an extension of three months on certified diamond
re-imports in an official notification.
The
provision stated: “Provided that for the cases where the last date of re-import
falls between 1st February, 2020 and the 31st July, 2020, the last date stands
extended by three months”
Under
normal circumstances, diamonds sent overseas for services like grading and certification
do not attract any duty if they are re-imported within a period of three
months. A 7.5% Customs duty is levied on the consignment if the re-import is
delayed.
Given
the unprecedented circumstances due to the ongoing pandemic worldwide, the Council
had been pursuing with Finance Ministry for an extension of three months for
such re-import. The Finance Ministry was quick in deciding to extend the duty
exemption period.
Colin
Shah, Chairman, GJEPC, said, “I would like to thank the Government for this
quick decision taken, which will help to mitigate the effects of Covid-19 on
the industry. The Government has been supporting the industry during this
crisis. The latest notification on the extension of three months on re-import
of certified diamonds is a great respite for our exporters.”
Vipul
Shah, Vice Chairman, GJEPC said, “The trade has been reeling under the impact
of Covid-19 due to which exports to key destinations have been severely
impacted. In this backdrop, the extension notification will give a much-needed
relief to the traders. I express my gratitude to the Government for this timely
support.”
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