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The finance ministry has come out with draft SoP for facilitating e-commerce jewellery exports through courier route, as it looks to provide a simplified regulatory framework for manufacturers and traders who want to export jewellery.
The Central Board of Indirect Taxes and Customs (CBIC) has invited feedback and suggestions from stakeholders by June 14 on the Standard Operating Procedure (SoP) for implementation of a simplified regulatory framework to facilitate export of jewellery made of precious metals and imitation jewellery through e-commerce in courier mode.
The CBIC also proposes to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, and related forms and come out with a notification prescribing conditions for reimport of returned jewellery and has invited views from stakeholders on the same.
Finance Minister Nirmala Sitharaman had in the 2022-23 Budget announced implementation of a simplified regulatory framework to facilitate export of jewellery through e-commerce.
Subsequently stakeholder consultations, including those with the Express Industry Council Of India (EICI), Gems and Jewellery Export Promotion Council (GJEPC), e-commerce operators, members of the trade, officers working in the Directorate General Of Export Promotion, Directorate General of Systems and Customs field formations, have been held.
“The feedback received through the aforesaid consultations showed that a simplified regulatory framework is required for e-commerce exports of Jewellery through courier mode. This can be implemented through an SoP for bringing uniformity and certainty on the process and steps to be followed to facilitate such exports via International Courier Terminals (ICTs),” the CBIC said inviting comments on the draft SoP.
“This SoP is applicable on e-commerce export of jewellery made of precious metals (whether or not studded or set with precious or semi-precious stones) …. and imitation jewellery …. In the initial phase, the SoP will be implemented on ECCS (Express Cargo Clearance System) at ICT Mumbai, ICT Delhi and ICT Jaipur,” the CBIC added.
AMRG & Associates Senior Partner Rajat Mohan said export of jewellery would bring foreign exchange to the country and contribute to the net disposable income of Indian designers, artisans, and skilled job workers.
“Integrating and easing jewellery export through e-commerce platforms would boost the livelihood of millions of people engaged in the sector,” Mohan further said.
The new rules stipulate that jewellery export through courier mode is permitted only after receipt of full advance and photos of the export jewellery, product package/outer covering, product listing on the e-commerce platform and Hallmark certificate are uploaded on the customs system.
“Reimports of physically damaged or defective Jewellery exported through courier mode are permitted subject to several conditions to keep menace makers at bay. Such restrictions are imposed to ensure that the original consignee returns initially shipped damaged goods to the original exporter within a short span of time,” Mohan said.
KPMG in India Partner (Indirect Tax) Abhishek Jain said the jewellery manufacturers and traders involved in/ or intending to export jewellery out of India should closely study these SOP(s) and notifications and provide their suggestion in a timely manner.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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