The jewellery exporters had been authorized to assert obligation free replenishment of gold, silver and platinum used inside the manufacture of items offered overseas, in keeping with the notification issued by way of the Ministry of Commerce.
The notification amending Para four.34(i) of the Foreign Trade Policy has been welcomed through the Gem & Jewellery Export Promotion Council (GJEPC) which had made some of representations to the government on behalf of the exporters in this regard.
Such replenishment, which have been allowed in advance, changed into discontinued following the implementation of GST. Restoration of this advantage is a big remedy to exporters because it comes at a time whilst the enterprise is facing numerous challenges, stated GJEPC.
The notification stated that the replenishment can be made in accordance with detailed manner and that replenishment of gold / silver / platinum can be subject to applicable Customs rules.
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