According to import and export of Gold, Gold Jewelry and Gemstones Order, 2001, there
are few norms and standards to be maintained and kept in mind while conducting export/import under the said Order.
Duties and Taxes
Import of gold and gemstones under all schemes shall be exempt from normal import
tariffs. The import of other raw materials, tools, machinery and equipment under import
of gold and gemstones against export of jewelry or import entitlement shall be allowed
free of customs duties and advance income tax.
In case an exporter uses duty-paid raw materials procured from the market, duty
drawback shall be admissible according to the standard duty drawback system in force.
Sales Tax on export of Gold Jewelry and Gemstones is zero-rated. An exporter can
claim refund of Sales Tax paid on raw material inputs. Advance Tax at the rate of .75%
shall be charged on export of Gold Jewelry and Gemstones along with 0.25% Export development surcharge
Purity and form of Gold
Import of gold, directly by the exporter or supplied by foreign buyers, shall be in
minimum quantity of five hundred grams, in standard bars/slabs/grains form in 995.0,
999.9 fineness.
A conversion table including twenty-four carats gold into lesser karatage prepared for the bank and Customs.
