On 30-6-2022, Ministry of Finance notified Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2022. By this amendment, Central Board of Indirect Taxes and Customs (CBIC) elaborates the provisions of import/export of jewellery sold on e-commerce exchanged through courier, which will come into force with immediate effect.
Key amendments:
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Jewellery of precious metals and imitation jewellery are now included under the category of re-import which are being sold on any E-commerce [defined under Regulation 3(da)] platforms.
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Application for assessment and clearance of imported or export goods, carried out by an Authorised Courier of jewellery of precious metals extends to their reimport in case of any return.
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Regulation 6A has been newly inserted provides the conditions by which the jewellery is returned through courier mode on any e-commerce platform.
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Importer/Exporter Code (IEC) holder which shall authorize the courier should remain the same along with the condition that terminal has to be unchanged.
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Return of such jewellery is permitted through the same consignee and reasons for such return are to be provided to the Courier Bill of Entry.
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Exporter, who is re-importing, will continue to have valid IEC and Registration-cum-Membership Certificate (issued by the Gems and Jewlery Export Promotion Council).
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All the tax benefits that accrue on the export are neutralized.
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Identity of re-imported jewellery will continue to be the same and will not be altered or enhanced.
*Shubhi Srivastava, Editorial Assistant has reported this brief.