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DGFT extends tax exemption on Diamond Imprest imports to IGST, Compensation Cess u/s 3(7),(9) Customs Tariff Act 1975

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....Government of India, through the Directorate General of Foreign Trade, has amended Para 4.63 of the Foreign Trade Policy 2023 under powers conferred by the Foreign Trade (Development and Regulation) Act, 1992. Imports under Diamond Imprest Authorisation, previously exempt from various customs duties and related cesses, will now also be exempt from the whole of Integrated Tax and Compensation Cess leviable under sub-sections (7) and (9) of section 3 of the Customs Tariff Act, 1975. The amendment is effective immediately upon issuance of this notification.....

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DGFT extends tax exemption on Diamond Imprest imports to IGST, Compensation Cess u/s 3(7),(9) Customs Tariff Act 1975