GST Council may end tax exemption on gold, silver imports by banks

The GST Council is likely to consider withdrawing the IGST exemption on gold, silver and platinum imports by banks and government-nominated agencies at its October 7 meeting. Currently, such imports attract 3% IGST but are exempt for these entities. The exemption was introduced in 2017. Gold imports rose 3.38% to $17.47 billion during April-August 2026-27.