The Government of India, through the Ministry of Finance\u2019s Department of Revenue, has issued a notification clarifying the duty exemption for \u201crough diamonds (industrial or non-industrial)\u201d imported into the country between 1st July 2017, and 1st February 2022.<\/p>\n
This clarification comes in response to persistent efforts by GJEPC to address the ambiguity surrounding the duty exemption for \u201cSimply Sawn Diamonds\u201d during this period.<\/p>\n
Previously, notifications issued in 2017 and 2022 allowed duty-free import of rough diamonds. However, there was ambiguity regarding a specific category \u201cSimply Sawn Diamonds\u201d during the period between 2017 and 2022.<\/p>\n
This new notification clarifies that \u201cSimply Sawn Diamonds\u201d were also intended to be exempt from customs duty during this period, provided the importer obtained a Kimberly Process Certification Scheme (KPCS) certificate verifying the diamonds\u2019 origin.<\/p>\n
The notification also states that the government acknowledges a \u201cpractice\u201d existed where these diamonds were not charged Customs duty during the mentioned period. This notification formally clarifies the exemption and relieves importers from any potential future claims for unpaid duties.<\/p>\n
This clarification is expected to bring relief to diamond importers, especially those who have been served with Show Cause Notices by Customs for imports done during the interim period 2017-2022.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Government of India, through the Ministry of Finance\u2019s Department of Revenue, has issued a notification clarifying the duty exemption for \u201crough diamonds (industrial or non-industrial)\u201d imported into the country between 1st July 2017, and 1st February 2022. This clarification comes in response to persistent efforts by GJEPC to address the ambiguity surrounding the duty…<\/p>\n","protected":false},"author":1,"featured_media":28368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-28367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n