diamonds

In a major haul, the city's tax department has detected tax evasion in undeclared sale of diamonds worth Rs 5,150 crore which were imported through the Delhi airport. Teams from trade and taxes department carried out raids at premises of 29 importers and dealers of diamond across the city and discovered the evasion of VAT to the tune of more than Rs 100 crore. Full Article

The test for determining whether “manufacture” can be said to have taken place is whether the commodity, which is subjected to a process can no longer be regarded as the original commodity but is recognized in trade as a new and distinct commodity; the word “production”, when used in juxtaposition with the word “manufacture”, takes in bringing into existence new goods by a process which may or may not amount to manufacture; the word “production” takes in .. Full Article

Attention is invited to erstwhile scheme for setting up private/public bonded warehouse in SEZ/DTA for import and re-exports of cut & polished diamonds, cut & polished colored gems stones, uncut & unset precious & semi precious gemstones, subject to achievement of minimum value addition of 5% under paragraph 4A.18 of the Foreign Trade Policy 2004-09. This scheme has now been deleted from the Foreign Trade Policy 2009-14 announced on 27.08.2009 by DGFT. Full Article

A new scheme under paragraph 4A.2 has been introduced in the Foreign Trade Policy 2009-2014 (FTP) for import of diamonds for certification and grading and re-export thereof. Procedure in this regard has also been specified under paragraph 4A.14 of Handbook of Procedure Volume I (HBP). To avoid dichotomy in following the procedure by the field formations for allowing import of diamonds for the specified purpose and re-export thereof, the salient feature of this scheme and.. Full Article

SUMMARY OF CASE LAW If existence of the diamond jewellery with the assessee prior to the sale is evidenced by the VDIS, 1997 certificate and on sale of the said jewellery the assessee has received the consideration which is duly accounted for, then the mere fact that the jewellery sold by the assessee is not [...] Full Article