For export of Lab Grown Diamonds (HPHT/CVD) weighing less than one carat, declaration of additional qualifiers will only be voluntary – CBIC
Mandatory additional qualifiers in import/export declarations in respect of Synthetic or Reconstructed Diamonds.
CBIC vide Circular No. 21/2024-Customs dated 30.10.2024 had advised importers/exporters for the mandatory additional qualifiers in import/export declarations in respect of synthetic or reconstructed diamonds (Lab Grown Diamonds) for better identification of these goods with improved quality of assessment,intervention and facilitation.2.
CBIC noticed that exporters are facing challenges regarding mandatory declaration of additional qualifiers in case of export of Lab Grown Diamonds(HPHT/CVD) weighing less than one carat.
CBIC took note that the identification or differentiation of these diamonds during export is resulting in increased dwell time. Field formation is also of the opinion that the exemption may be provided to the exporters from mandatory declaration of additional qualifiers for the export of LGDs (HPHT/CVD) weighing less than one carat.
In view of the challenges faced by the exporters, CBIC has issued Circular No. 03/2025-Customs dated 29.01.2025 to provide that in case of export of Lab Grown Diamonds (HPHT/CVD) weighing less than one carat, declaration of additional qualifiers will only be voluntary. For all other cases, the mandatory additional qualifiers will remain applicable.
ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court…
Documents obtained post search and information obtained from the public domain not incriminating material. Documents obtained by AO post search…
Information of deposits in bank did not constitute fresh information necessitating second reopening due to change in bank name In…
Invitation For Empanelment Of Practising Chartered Accountants / Chartered Accountant Firms Forest Development Corporation of Maharashtra Limited (FDCM Limited), Nagpur,…
Press Registrar General of India (PGRI) invites application for empanelment of Chartered Accountants. The Press Registrar General of India manages…
CBDT notifies revised Form No. 169 for making application for registration as a valuer under section 514 and authorised income…