Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: form 3cd :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARD
Latest Circulars »
 Auction of Government of India Dated Securities January 22, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) January 22, 2018
 RBI reiterates legal tender status of ₹ 10 coins of different designs
 RBI clarifies that official apprehended by CISF not an RBI employee
 RBI-Formation of new districts in the State of Assam - Assignment of Lead Bank Responsibility
 RBI to conduct Overnight Variable Rate Reverse Repo auction under LAF on January 18, 2018
 RBI-Auction of Government of India Dated Securities January 15, 2018
 Understanding and Managing Interest Rate Risk at Banks (Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018
 Auction of State Government Securities
 RBI releases draft directions on hedging of commodity price risk and freight risk in overseas markets
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Gomati Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh)

Regarding Exemption for customs duty on cut and polished diamonds imported by specified agencies in FTP
July, 23rd 2015
                                  SECTION 3, SUB-SECTION (i)]

                                      GOVERNMENT OF INDIA
                                       MINISTRY OF FINANCE
                                    (DEPARTMENT OF REVENUE)

                                 Notification No. 40/2015-Customs

                                                                     New Delhi, the 21st July, 2015

       G.S.R ________ (E).- In exercise of the powers conferred by sub-section (1) of section 25
of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is
necessary in the public interest so to do, hereby exempts cut and polished diamonds falling
under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when
imported (for grading or certification and re-export out of India) by the laboratories and
agencies (hereinafter referred to as the said laboratories and agencies) notified in the Foreign
Trade Policy and mentioned in the Table below, from the whole of the duty of customs leviable
thereon which is specified in the said First Schedule, subject to fulfillment of the following
conditions, namely:-


          S.No.                             Name of laboratory/agency
           1.   Gemological Institute of America (GIA), Mumbai, Maharashtra, India
           2.   Indian Diamond Institute, Surat, Gujarat, India
           3.   International Institute of Diamond Grading & Research India Pvt. Ltd., Surat,
                Gujarat, India

 (i)      the said laboratories and agencies shall furnish a general bond to the satisfaction of the
          Assistant Commissioner/Deputy Commissioner of Customs at the port of import,
          undertaking to properly account for the diamonds, to follow the procedure specified in
          paragraph 4.75 of the Handbook of Procedures and to re-export diamonds within the
          period as mentioned in the said paragraph of Handbook of Procedures;

 (ii)     the import shall be allowed under bill of entry having the detailed description of the
          diamonds, including inter alia, the dimensions, weight, colour, caratage, specification,
          approximate value, etc. of each piece of diamonds;

 (iii) the bill of entry should carry the endorsement "only for certification and grading";
 (iv) the said laboratories and agencies while taking the diamonds in their unit, shall allot a
      `unique control number' for identification purposes and maintain a separate account for
      such diamonds;

 (v)   after grading or certification, the diamonds shall be re-exported under a shipping bill
       containing the detailed description as was mentioned at the time of their import;

 (vi) cross reference of bill of entry shall be endorsed in the shipping bill;

 (vii) the said laboratories and agencies shall submit alongwith the shipping bill, a certificate
       to the effect that the diamonds being re-exported are the same as those imported;

 (viii) the said laboratories and agencies shall obtain Guaranteed Remittance (GR) waiver in
        respect of import and re-export as per the procedure laid down by the Reserve Bank of
        India (RBI) and realise the foreign exchange for the service charges in terms of the
        Reserve Bank of India (RBI) guidelines;

 (ix) the Custom Officers may visit the premises of the said laboratories and agencies for
      audit or checks;

 (x)   the diamonds imported for certification or grading shall be re-exported within a period
       of three months from the date of their import;

 (xi) the said laboratories and agencies shall submit a quarterly statement by 25th of the
      month following the particular quarter and the statement shall reflect the bill of entry
      number, date, details of diamonds and details of re-export, etc.; and

 (xii) re-export shall be allowed only from the port through which import took place.

Explanation. - For the purposes of this notification, -

   (a) "Foreign Trade Policy" means the Foreign Trade Policy, 2015 - 2020 notified by the
       Government of India in the Ministry of Commerce and Industry, published in the
       Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification No.
       01/2015-2020, dated the 1st April, 2015;

   (b) "Handbook of Procedures" means the Handbook of Procedures notified by the
       Government of India in the Ministry of Commerce and Industry, published in the
       Gazette of India, Extraordinary, Part-I, Section 1 vide Public Notice No. 01/2015-2020,
       dated the 1st April, 2015.

                                                                    [F.NO.: DGEP/G&J/428/2006]

                                                                             (ANAND UPADHAY)
                                                     Under Secretary to the Government of India
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions