The GST Council withdrew Integrated GST (IGST) exemption benefit on gold, silver and platinum imports by banks and nominated agencies, subjecting shipments to a 3% levy and raising costs for the main channels supplying one of the world’s largest bullion markets, as per a Bloomberg report.
The government did not extend the exemption from paying IGST for precious metals imported through banks beyond March 31, Revenue Secretary Arvind Shrivastava told reporters in New Delhi on Thursday. The move puts all gold and silver import routes on an equal tax footing.
