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India ends IGST exemption on bank-imported gold, silver and platinum; 3% levy now applies
Our read
The 3% IGST on bank-imported bullion is passed through with little lasting dent to festive demand, and the desk expects clarifications rather than a rollback.
For operators
Jewellers and bullion buyers sourcing through bank imports should re-cost purchases now that the 3% IGST applies, and check input credit and working-capital needs, even though an analyst expects no hit to festive gold demand.
Watch
Any CBIC or Finance Ministry notification or circular on IGST for bank-imported bullion
The report
Gold, silver and platinum imports through banks get no exemption extension beyond 31 March 2026, Revenue Secretary Arvind Srivastava said, as the move equalises tax across import routes. Metals Focus consultant Adarsh Dive expects no hit to festive gold demand.
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Reported figures
From the report. Source details below
| MCX gold price per 10 grams: | Rs 1,47,017 |
|---|---|
| DGFT authorised importers list issued: | 17 April |
| Year exemption on gold imports introduced: | 2017 |
What to watch next
- MCX gold moving materially away from Rs 1,47,017 per 10 grams
- Festive-season sales commentary from listed jewellers on volumes and discounts
- Monthly gold, silver and platinum import data after the lapse
- Trade-body representations or reports of premium or discount shifts in the domestic bullion market
The source
Filed
First seen