Stalled unsorted diamond imports to resume after GST rate revision to 0.25%

Industrial unsorted rough diamond imports had stopped due to the levy of 3% GST since July this year

Industrial unsorted rough diamond imports, which had stopped due to a three per cent Goods and Services Tax (GST) since July this year, may resume after rate revision to 0.25 per cent, say industry representatives.

Harmonising tax rates across different grades of rough diamonds, the GST Council on September 9 had revised the three per cent tax on industrial and unsorted rough diamonds of HS code 7102.10 and 7102.21 to 0.25 per cent.

Since its rollout in July, the GST Act had levied two different rates on revenue from rough diamonds. Of these, non-industrial, or 'gem quality', rough diamonds attracted