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India Ends Special IGST Exemption for Banks Importing Gold and Silver

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India has ended a special IGST exemption for banks importing precious metals, aiming to align tax treatment across import channels.

By News National Editorial Team

India has ended a special tax exemption previously available to banks importing gold, silver and platinum, bringing their import tax treatment into line with other routes used to bring precious metals into the country.

Revenue Secretary Arvind Shrivastava said banks had been paying 3% integrated goods and services tax (IGST) on imports of these metals since April 1, 2026. The government informed the GST Council about the change, according to Reuters.

The earlier exemption had been introduced in 2017. Since then, India's bullion market has developed, including through formal trading platforms such as the India International Bullion Exchange in GIFT City. Importers using bullion exchange routes were subject to customs duty and 3% IGST, creating a difference in tax treatment compared with banks.

The government said the change was intended to ensure tax parity between the different import channels. The 3% IGST is generally available as input tax credit when eligible banks supply the imported metals to domestic jewellers or trading units. This means the tax paid upfront should not automatically be interpreted as a permanent 3% cost increase for banks that can claim the credit in full.

The policy change may affect import procedures and working-capital timing, but its broader impact will depend on how the tax credit operates in individual transactions and on market conditions.

Gold and silver prices are also influenced by international bullion prices, currency movements, import duties, domestic demand and investor sentiment. Consumers should not assume that the tax change alone will cause retail prices to rise or fall by a fixed amount.

Sources: Reuters — India withdraws bank tax benefit on precious-metal imports; Moneycontrol — Banks paying 3% IGST on gold imports

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