Gold, silver imports by banks, nominated agencies to attract 3% IGST

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.

That list was not notified on April 1 this year as gold, silver and precious metal imports, which led to forex outgo, became a concern for the Government. India is the world’s second-biggest gold consumer after China and gold imports are driven by the jewellery industry demand.

In May, the government had also hiked import duty on gold and silver to 15%, from 6%, and on platinum to 15.4%, from 6.4%, to curb non-essential imports.

Prime Minister Narendra Modi too has given a clarion call to avoid gold purchases, amid stress on the rupee following a rise in import bills after the Iran-US-Israel war.

Gold imports during April-August 2026-27 grew by 3.38% to $17.47 billion, while silver imports declined 8.81% to $1.74 billion.