Amid the Corona crisis, the government has implemented a three-month discount policy in imports of cut and polished diamonds, giving relief to the gems and jewelry sector. According to the Central Board of Indirect Taxes and Customs (CBIC), exporters are asking to send back the diamonds, polished after proper certification and grading by specified laboratories abroad.
Sources added that the polished diamonds imported between the month of February and 31 July 2020, could not be taken back due to the disruption and lockdown situation of coronavirus epidemic. CBIC agreed with this relief in notification number 09/2012-Customs of March 9, 2012, and marked as appropriate. Accordingly, Basic customs duty (BDC) and IGST will not be paid for re-import in the additional time period. This facility is meant for those exporters whose average annual export business was Rs 5 crore in the last 3 years.
This relief has been given to the exporters whose graded cut and polished diamonds have been cropped abroad in the space of 3 months and their re-importation was stopped due to the epidemic.
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