Gold, silver imports by banks, nominated agencies to attract 3% IGST
The Indian government has announced that gold, silver, and platinum imports by banks and nominated agencies will be subject to a 3% IGST starting April 1, 2026. This move aims to ensure tax parity and curb non-essential imports amid concerns over foreign exchange outflows.
Why it matters
This policy change reflects India's ongoing efforts to manage its trade deficit and stabilize the rupee by discouraging gold consumption.
Gold, silver and platinum imports by banks and nominated agencies attract 3 per cent IGST effective April 1, 2026, Revenue Secretary Arvind Shrivastava said on Thursday (October 8, 2026).
The Government notified the GST Council on Thursday (October 8, 2026) that the list of designated banks and agencies that attract IGST exemptions on gold and precious metal imports has not been extended beyond March 31, 2026, Shrivastava said.
This is done to ensure parity of taxes imposed on gold and other precious metal imports through other routes, including bullion.
Gold, silver and platinum imports attract a 3% IGST, but before April 1, 2026, the tax was exempt when the precious metals were imported by banks and nominated agencies – a list of which is notified by the Government periodically.
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