The Central Board of Indirect taxes through notification dated 19th August, 2021 has amended the prior notification dated the 8th May, 2000. The original notification exempts silver, gold and platinum imported into India as replenishment under the Scheme for ‘Export through Exhibitions/Export promotion Tours/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/ silver/ platinum under the scheme for ‘Export Against Supply by Nominated Agencies’, the importer executes a bond undertaking to export gold/silver/platinum jewellery or articles, as the case may be, including studded articles having gold/silver/ platinum content equivalent to the imported gold/silver/ platinum within a period of 120 days from the date of issue of gold / silver / platinum to the exporters.
The amendment provides that gold/ silver/ platinum imported under the scheme for ‘Export Against Supply by Nominated Agencies’, where the last date of exports falls between the 1st February, 2021 and the 30th June, 2021, the last date of exports stands extended by six months, in order to levy customs duty exemption.
