GST Exemption for Banks, Nominated Agencies for Gold, Silver Imports May Be Withdrawn

GST Council May Withdraw IGST Exemption on Gold, Silver, Platinum Imports

The GST Council is likely to consider a proposal to withdraw the Integrated GST (IGST) exemption currently available to specified banks and nominated agencies on imports of gold, silver and platinum, according to sources. The proposal is part of a wider set of GST process reforms expected to come up before the Council. GST Council May Withdraw IGST Exemption on Gold, Silver, Platinum Imports.

GST exemption for banks, nominated agencies for gold, silver imports may be withdrawn

The GST Council may end the IGST exemption on gold, silver and platinum imported by banks and nominated agencies, sources said. The exemption, introduced in 2017 when precious-metal imports were tightly regulated, could be withdrawn as the government seeks to curb non-essential imports and manage foreign exchange outflows.