Exemption to consumables for manufacture of Gem and Jewellery or cut & polished diamonds to holders of Replenishment licence.
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 the goods -
(a) as specified in Annexure -I to this notification,-
(i) upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of plain or studded Jewellery made of gold or platinum, when imported by the exporter of such gold jewellery or platinum jewellery;
(ii) upto three per cent. of the Free On Board (FOB) value of preceding financial year of the export of rhodium-finish jewellery made of silver imported by the exporter of such rhodium-finish silver jewellery;
(iii) upto two per cent. of the Free On Board (FOB) value of preceding financial year of the export of jewellery made of silver imported by the exporter of such silver jewellery;
(b) as specified in Annexure -II to this notification upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of cut and polished diamonds when imported by the manufacturer and exporter of such cut and polished diamonds,
when imported into India against Replenishment Authorisation referred to in para 4.35 of the Foreign Trade Policy, 2023 notified by the Government of India, Ministry of Commerce and Industry, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide Notification No 1/2023, dated the 31st March, 2023, from-
(i) the whole of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 ( 51 of 1975);
(ii) the whole of the additional duty leviable thereon under subsections (1), (3) and (5) of section 3 of the said Customs Tariff Act:
Provided that goods imported under this notification are used for the manufacture of gold, silver or platinum jewellery or the cut and polished diamonds, as the case may be, by the holders of the said Replenishment Authorisation.
ANNEXURE-I
ANNEXURE-II
2. The notification of the Government of India in the Ministry of Finance, Department of Revenue, No. 79/96-Customs, dated the 8th October, 1996 [G.S.R. 456 (E), dated the 8th October, 1996], is hereby rescinded.
Amended by Notification No. 41/99-Cus., dated 28 -4-1999.as amended by Notification No. 55/2000-Cus., dated 5-5-2000 and No.64/2002-cus dated 24-6-2002. 87/2004 dated 6.9.2004 and 76/2007 dated 6-6-2007, 106/2009 dated 14/9/2009 no. 97/2010 Cus dated 21-9-2010 Not. 33/2015 - Dated 15-5-2015