India cancels preferential tax on bank imports of precious metals; unified 3% tax to be levied from April 1

智通财经2026/10/08 13:25

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India has eliminated tax exemptions for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% duty on related imports and thereby increasing import costs for the country's main supply channels. On Thursday, Srivastava, Secretary of Revenue at the Ministry of Finance, stated that the Indian government had not extended the policy that exempted banks from paying Integrated Goods and Services Tax (IGST) on precious metal imports beyond March 31. This move brings unified tax treatment to all gold and silver import channels. Srivastava said the decision would take effect from April 1, emphasizing, "We do not want tax policy to be the reason for preferential treatment afforded to any particular import channel." He added that the decision was communicated to the Goods and Services Tax Council at a meeting held on Thursday.

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India has cancelled tax exemptions for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% tax on such imports, thereby raising the import costs for the country’s main supply channels. On Thursday, Srivastava, Secretary of Revenue at the Ministry of Finance, stated that the Indian government did not extend the policy allowing banks to import precious metals without paying the Integrated Goods and Services Tax (IGST) beyond March 31. This move subjects all import channels of gold and silver to a unified tax policy. Srivastava said the decision has been effective from April 1, “We do not want tax policy to be the reason for preferential treatment of any import channel.” He added that the government had informed the Goods and Services Tax Council of this decision at a meeting held on Thursday.

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