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Stalled Unsorted Diamond Imports to Resume After GST Rate Revision to 0.25%


Post Date: 26 Sep 2017    Viewed: 719

   Industrial unsorted rough diamond imports, which had stopped due to a three per cent Goods and Services Tax (GST) since July this year, may resume after rate revision to 0.25 per cent, say industry representatives.

Harmonising tax rates across different grades of rough diamonds, the GST Council on September 9 had revised the three per cent tax on industrial and unsorted rough diamonds of HS code 7102.10 and 7102.21 to 0.25 per cent.

   Since its rollout in July, the GST Act had levied two different rates on revenue from rough diamonds. Of these, non-industrial, or 'gem quality', rough diamonds attracted a rate of 0.25 per cent, while industrial and unsorted rough diamonds attracted three per cent GST. These rough diamonds have been globally categorised into three codes wherein non-industrial rough diamonds carry the 7102.31 code, which attracted 0.25 per cent GST, while the rest were categorised under the 7102.10 and 7102.21 codes, which attracted three per cent GST.

The Gems & Jewellery Export Promotion Council (GJEPC) said this was a major relief but there was also a need for removing discrepancies in the treatment of rough diamonds of different HS codes, which could otherwise lead to disputes between importers and the customs department."                                                                                                            As per the GST rates announced for rough diamonds, the industrial and unsorted rough diamonds had been classified under three per cent rate of GST, while non-industrial rough diamonds were classified under 0.25 per cent rate of GST. However, the explanatory note for unsorted rough diamonds (HS 7102.10) also supports that rough diamonds falling under other HS codes can also be treated as unsorted rough diamonds," said GJEPC Chairman Praveenshankar Pandya.


 


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