Customs Boost for India's Jewelry Exporters
June 21, 23
(IDEX Online) - India has simplified the paperwork required for e-commerce jewelry exports after a slump in foreign sales.
The Central Board of Indirect Taxes and Customs (CBIC) responded to repeated pleas by the Gem & Jewellery Export Promotion Council (GJEPC).
India suffered a 36 per cent drop in jewelry exports during April (in US dollars) and a 16 per cent fall in May.
New guidelines issued by the Central Board of Indirect Taxes and Customs (CBIC) eliminate the requirement for exporters to fill out specific additional fields related to item-level identification of jewelry.
The GJEPC said it had made repeatedly urged the government to prioritize and support e-commerce as a means of value-added exports.
It commended the CBIC for its ongoing commitment to simplifying jewelry exports through the courier mode.
"By streamlining the processes and eliminating bottlenecks, this framework holds the promise of reversing the current decline in exports," said Vipul Shah, GJEPC chairman.
"We are pleased to see the Indian Government's acceptance of our recommendations to simplify the policy on jewellery e-commerce.
"The recent notification and circular issued by CBIC reflect their responsiveness to industry needs and will undoubtedly benefit exporters."