The government has again permitted gold and silver jewelry exporters to replenish the precious metal duty-free after selling it at international exhibitions, a move which would help in promoting the growth of the sector. This facility of duty-free replenishment of precious metals was stopped after the implementation of the goods and services tax (GST).
The Directorate General of Foreign Trade (DGFT) on Monday issued a notification in this regard by amending a provision of the foreign trade policy (FTP) which had stated that “no replenishment” of the precious metal shall be available to the exporter or manufacturer where they are availing benefits in respect of the exported product.
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