Govt may scrap 3% IGST on unsold jewellery imports from foreign exhibitions

Currently, 3% IGST is levied on exports and another 3% on imported unsold goods, which dents overall jewellery shipments

In a major relief for diamond jewellery exporters, the government is planning to waive the three per cent Integrated Goods and Services Tax (IGST) levied on unsold precious ornaments brought back to India from overseas exhibitions.

As a practice, exporters carry large quantities of diamond jewellery for displaying in exhibitions abroad, for which they have to pay three per cent IGST levy. Since these ornaments are not carried based on pre-orders from foreign customers, some of them are sold in the exhibition itself, while the remaining are brought back to India. On such imports, jewellers need to pay another three per