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India Extends Deadline for Duty-Free Reimports

Jul 12, 2020 9:33 AM   By Rapaport News
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RAPAPORT... The Indian government has granted diamond companies extra time to ship polished goods back to the country without incurring customs duty.

At present, reimports are subject to the 7.5% levy once the diamonds have been outside India for three months. The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline by a further three months for all parcels for which the cutoff date was previously between February 1 and July 31, it said Friday.

The country’s Gem & Jewellery Export Promotion Council (GJEPC) had been lobbying for the change after the Covid-19 pandemic delayed the return of goods companies had sent overseas for grading and other services.

“The latest notification on the extension of three months on reimport of certified diamonds is a great respite for our exporters,” said GJEPC chairman Colin Shah.

Last week, the council urged the government to reduce customs duty on polished to 2.5%, arguing that the move would boost India’s status as a hub for trading and distribution of diamonds.

Image: Polished diamonds. (Shutterstock)
Tags: CBIC, Central Board of Indirect Taxes and Customs, Colin Shah, Coronavirus, COVID-19, Customs, Customs duty, Gem & Jewellery Export Promotion Council, GJEPC, grading, Import Duty, India, Rapaport News, Reimports, tax
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