Economy
Government Imposes 3% IGST on Gold and Silver Imports by Banks
The Hindu1h
THE BRIEF
1
Gold, silver, and platinum imports by banks and nominated agencies will attract a 3% IGST effective April 1, 2026, Revenue Secretary Arvind Shrivastava announced.
2
The tax exemption for designated banks and agencies was not extended beyond March 31, 2026, to ensure parity with other import routes.
3
India's gold imports during April–August 2026–27 grew by 3.38% to $17.47 billion, while silver imports declined by 8.81% to $1.74 billion.