Indian Budget 2014, Basic Duty changes for Diamonds, Pre-forms of precious and semi-precious stones

 

 

Update on 29th February, 2016: Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17

 

 

The information provided here is part of Export Import Online Tutorial

 

Budget changes in customs import duty tariff,excise duty and service tax

Indian Union Budget, changes in import customs tax tariff, chapter wise

Indian Budget  Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget

 

 

Click below to read latest update: 28th February, 2015. 

Indian Budget 2015-16, Import Customs Duty Changes, chapter wise 

Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

Indian Budget 2015-16, Click here to read Import customs Duty and Excise duty changes.


Budget 2014, Taxes/Duties changes under HS code (ITC code) chapter 71.

 

Indian Budget 2014, Basic Duty changes for Diamonds, Pre-forms of precious and semi-precious stones

Pre-forms of precious and semi-precious stones

Full exemption from Basic Customs Duty is being granted to pre-forms of precious and semi-precious stones. S.No.312A of notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated 11th July, 2014 refer.

Diamonds

Basic Customs Duty on half-cut or broken diamonds is being increased from NIL to 2.5% and on cut & polished diamonds including lab-grown diamonds and colored gemstones from 2% to 2.5%. S.Nos.313, 314 and 315 of notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated 11th July, 2014 refers.

re-import of cut and polished diamonds

The variation level and the parameter of measurement in respect of re-import of cut and polished diamonds after certification/grading from a foreign laboratory/agency are being increased as a trade facilitation measure. Henceforth, in the case of re-import of cut and polished diamonds, a variance not exceeding +_ 0.05mm in diameter for round shape diamonds and +_ 0.07mm in length and breadth for diamonds of other shapes shall be allowed. The allowable variance in weight remains unchanged. Notification No.9/2012-Customs, dated 9th March, 2012 as amended by notification No.16/2014-Customs, dated 11th July, 2014 refers.

 

 Click here to go back to INDIAN BUDGET 2014-2014 highlights


Excise and Customs - Click here to read complete notification under Budget 2014

Service Tax - Click here to read complete notification under Budget 2014

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The above information is a part of Import Export Training online


 

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Comments


Birendra Singh: What is the export/custom duty on diamonds if we export it to US as a retailer from India? can anyone help us to find this information. Thanks

Narpat Singh: Dear sir, I want know about G.S.T on precious ,Semi precious stone and diamond import dutty after start GST

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