India Scraps Key Tax Relief for Gold Imports, Raising Costs

Wed Oct 08 2026

India withdrew a tax benefit on gold, silver and platinum imported by banks and state-nominated agencies, subjecting shipments to a 3% levy and raising costs for the main channels supplying one of the world’s largest bullion markets. The government did not extend the exemption from paying Integrated Goods and Services Tax (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.

Source: https://www.bloomberg.com