CBIC Issues SOPs For Ecommerce Exports Of Jewellery Via Couriers
- ByStartupStory | July 16, 2022
The Central Board of Indirect Taxes and Customs (CBIC) has released standard operating procedures (SOPs) for courier-based e-commerce jewelry exports. “The Central Board of Indirect Taxes and Customs (CBIC) released a streamlined set of regulations for e-commerce exports of jewelry via courier mode on 30.06.2022 in the form of a Standard Operating Procedure (SOP),” according to a CBIC news release.
The government will set aside one month to ensure a seamless transition to a new regime. The framework’s initial phase will be executed by running exports through Bengaluru, Delhi, and Mumbai. According to the CBIC, the SOPs control the processing, transportation, and other procedural parts of jewelry exports via International Courier Terminals based on electronic declarations.
It also stated that the new framework maintains the need for Customs uniformity of action and solves a “unique necessity of the e-commerce ecosystem enabling re-import of rejects in specific situations to the prescribed amount.” Finance Minister Nirmala Sitharaman promised a streamlined structure in her Budget statement this year. Following that, the CBIC met with important parties and developed the SOPs.
The courier will be required by the guidelines to digitally submit the courier shipping bill on account of the exporters on the Express Cargo Clearance System (ECCS). The export must be paid in advance, and a plethora of documentation and images of the commodities must be supplied to the ECCS. The Risk Management System would do the assessment, and the products would be X-Ray scanned at the international courier gateway. The government has also created provisions for the re-importation of returned jewelry products, however only under specified conditions.
The change is expected to boost gem and jewellery exports throughout the world. In June 2022, India’s gems & jewellery exports increased 21.41 percent to INR 25,295.69 Crore from June 2021. Exports of cut and polished diamonds (CPD) increased 8.45 percent to INR 15,737.26 Crore in June this year, rising from INR 14,510.48 Crore in June 2021, according to official figures. Total gold jewellery exports increased 35.25 percent to INR 5,641.28 Crore in June 2021, up from INR 4,171.06 Crore in June the previous year.
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