India Withdraws Tax Benefits for Banks on Gold, Silver and Platinum Imports:

The Indian government has ended a tax benefit for banks importing gold and other precious metals. As a result, banks have been paying a 3% Integrated Goods and Services Tax (IGST) on these imports since April.

Revenue Secretary Arvind Shrivastava said the government informed the GST Council about the change on Thursday, according to a Moneycontrol report.

Shrivastava said, "This is done to ensure parity of taxes impsoed on imports of gold and other metals through different routes."