The Union government has withdrawn the IGST exemption that was available for gold, silver and platinum imported through banks and authorised agencies. As a result, such imports will now be subject to a 3% tax.
Revenue Secretary Arvind Srivastava said in New Delhi that the earlier exemption for precious metals imported via banks had lapsed on March 31 and was not extended further. With this, gold and silver imports have been brought under a uniform tax framework.
He said the move, implemented from April 1, is aimed at preventing any single import route from gaining an undue advantage due to tax concessions. The decision has also been communicated in a GST Council meeting.
The report noted that while the Directorate General of Foreign Trade issued a fresh list of authorised importers on April 17, the tax-exemption notification was not renewed. The exemption had originally been introduced in 2017 for gold imports and later extended to silver and platinum to ensure smooth availability through authorised channels.
