India Cancels Tax Benefits on Precious Metal Imports, Costs Rise

India has canceled tax benefits for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% tax that leads to increased import costs. The Secretary of Revenue in the Ministry of Finance, Srivastava, stated that the government has not extended the policy of exempting the Integrated Goods and Services Tax (IGST) beyond March 31, resulting in uniform tax treatment for all import channels. This decision will take effect from April 1, and Srivastava pointed out that the government does not want taxes to be the reason for preferential treatment for any specific import channel. The government has informed the Goods and Services Tax Council of this decision during a meeting.

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