India Withdraws Tax Benefits for Banks on Gold, Silver and Platinum Imports:
India has withdrawn the special tax benefit for banks importing gold, silver and platinum, making them liable to pay 3% IGST to ensure tax parity across different import routes.
India Withdraws Tax Benefits on Gold, Silver Imports
Vanshika verma
Oct 10, 2026
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."
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Vanshika verma
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