GST exemption for banks, nominated agencies for gold, silver imports may be withdrawn
- Posted on October 4, 2026
- By Business News Today
- 1 Views
- 1 min read
In brief
India's GST Council is considering revoking the Integrated GST exemption on precious metals including gold, silver, and platinum when imported by authorized financial institutions and nominated agencies. This policy shift reflects the government's broader strategy to reduce non-essential imports and preserve foreign currency reserves. The exemption, originally established in 2017 during stricter import regulations, may no longer align with current economic priorities and fiscal objectives.
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GST exemption for banks, nominated agencies for gold, silver imports may be withdrawn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 The exemption, introduced in 2017 when precious-metal imports were tightly regulated, could be withdrawn as the government seeks to curb non-essential imports and manage foreign exchange outflows.
