Finance Ministry Announces Retrospective Duty-Free Import for Simply Sawn Diamonds [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) under the Ministry of Finance has issued Notification No. 70/2024-Customs (N.T.) dated October 23, 2024, regarding the retrospective exemption of customs duties focusing on "Simply Sawn Diamonds" and rough diamonds imported into India between July 1, 2017, and February 1, 2022.

The original Notification No. 50/2017-Customs, issued on June 30, 2017, allowed the duty-free import of Rough Diamonds for both industrial and non-industrial that fall under Chapter 71 of the customs tariff, specifically listed under Serial No. 345.

This rule was updated with a new notification (No. 02/2022-Customs) on February 1, 2022. The update expanded the duty-free allowance to include "Simply Sawn Diamonds" under the tariff headings 7102 21 and 7102 3100. A new listing, Serial No. 345A, was added for these diamonds.

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To benefit from this exemption, importers must submit a KPCS certificate to the Deputy Commissioner or Assistant Commissioner of Customs. This certificate must confirm that the diamonds were imported in a simply sawn state without any further processing.

The Government acknowledged that it was common practice not to charge customs duties on these diamond imports. Now, the Government has made it official through this notification. The Central Government has granted a formal exemption from any customs duties that might have been due under the Customs Tariff Act, 1975 for imports made during the period from July 1, 2017, to February 1, 2022.

To Read the full text of the Order CLICK HERE

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