SME Times News Bureau | 13 Jul, 2020
In view of the Covid-19 pandemic situation, the government has extended
relief to the 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.
In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said on
Sunday that this extended time period would be available to exporters to bring
back cut and polished diamonds after due certification and grading by specified
"This extension shall apply to all cut and polished diamonds that should
have been re-imported between 1st February 2020 and 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 IGST. This facility is available to exporters with average
annual export turnover of Rs 5 crore for the last three years, it said.
This relief is given to those exporters whose graded cut and polished diamonds
were stuck abroad, the statement said.