The government has allowed re-import of cut and polished diamonds which have been sent abroad for certification and grading by three months, granting relief to gems and jewellery in view of Covid 19 pandemic.
In a statement on Sunday, the Central Board of Indirect Taxes and Customs (CBIC) said that 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.
The 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. A number of such consignments were also awaiting clearance with Customs.
“This extension shall apply to all cut and polished diamonds that should have been re-imported between 1st Feb. 2020 to 31st July 2020 but which could not be brought back due to disruption on account of COVID-19 pandemic situation,” it said.
The re-import in the extended period would be without payment of Basic Customs Duty (BCD) and integrated goods and services tax (IGST). This facility is available to exporters with average annual export turnover of Rs 5 crore for the last three years.