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

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.