RJ Market Watch
CBIC issues clarification on Export of Gems and Jewellery via Courier
The Central Board of Indirect Taxes and Customs (CBIC) issued the clarification on the export of Gems and Jewellery via Courier.
The CBIC has received various representations from the Gems and Jewellery Export Promotion Council seeking clarification on whether gems and jewellery is allowed to be exported through courier under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 as also the Courier Imports and Exports (Clearance) Regulations, 1998.
The Board clarified that the Regulation 2(2) (a) (iv) reads as “These regulations shall not apply to the following imported goods requiring testing of samples thereof or reference to the relevant statutory authorities or to experts before their clearance, namely precious and semi-precious stones, gold or silver in any form”.
“Thus, the restriction imposed by Regulation 2(2)(a)(iv) on gems and jewellery is applicable only on their imports,” the CBIC said.
Similarly, the Courier Imports and Exports (Clearance) Regulations, 1998 place a restriction on imports of precious and semi-precious stones, gold or silver in any form and not on their exports, CBIC added.
Therefore, it was clarified that the extant Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 and the Courier Imports and Exports (Clearance) Regulations, 1998, do not restrict exports of gems and jewellery through the courier mode.
“The above clarification has to be read along with the other provisions applicable for exports through courier, such as those under Regulation 2(2) (b) and 2 (2) (c), of the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 and under regulation 2 (2) of the Courier Imports and Exports (Clearance) Regulations, 1998 while allowing such exports. All extant provisions for export of gems and jewelry under any other law for the time being in force will also apply,” the circular said.
Courtesy: Taxscan
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