CBIC extends deadline for re-import of cut, polished diamonds by 3 months

This facility is available to exporters with average annual export turnover of Rs five crore for the last three years
The indirect tax board has extended the deadline of re-importing cut and polished diamonds, which have been sent abroad for certification and grading, by three months.  

This extension will apply to all cut and polished diamonds that should have been re-imported between February one and  July 31 this year but these could not be brought back due to disruption on account of Covid-19 pandemic situation, the Central Board of Indirect Tax and Customs (CBIC) said.

The re-import in the extended period would be without payment of basic customs duty and integrated goods and services tax.

This facility is available to exporters with average annual export turnover of Rs five crore for the last three years.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel