The Central Board of Indirect Taxes and Customs has amended the prior notification dated the May 8, 2000 vide notification dated August 19, 2021. The notification dated May 8, 2000, exempts silver, gold and platinum imported into India as replenishment under the Scheme for ‘Export through Exhibitions or Export promotion Tours or Export of Branded Jewellery’ or under the Scheme for ‘Export Against Supply by Nominated Agencies from the whole of the duty of customs leviable under the Customs Tariff Act.
In the case of import of gold or silver or platinum under the scheme for ‘Export Against Supply by Nominated Agencies’, the importer executes a bond undertaking to export gold or silver or platinum jewellery or articles, as the case may be, including studded articles having gold or silver or platinum content equivalent to the imported gold or silver or platinum within a period of 120 days from the date of issue of gold or silver or platinum to the exporters.
The present amendment provides that gold or silver or platinum imported under the scheme for ‘Export Against Supply by Nominated Agencies’, where the last date of export falls between February 1, 2021 and June 30, 2021, it stands extended by six months, in order to levy customs duty exemption.
*Tanvi Singh, Editorial Assistant has reported this brief.