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Earlier report,
GST Council may scrap IGST exemption for banks, nominated agencies on gold, silver imports at October 7 meet
Our read
The desk expects the exemption to be withdrawn in some form, more likely than not, with the 3% IGST reaching bank and agency bullion imports and gold volumes feeling it more than silver.
For operators
If the GST Council withdraws the IGST exemption on October 7, jewellers who buy bullion through banks and nominated agencies could face a 3% levy up the chain, so check input-credit eligibility, working-capital needs and price pass-through in supplier contracts now.
Watch
Whether the October 7 Council agenda or outcome includes the IGST exemption withdrawal
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The report,
The GST Council is likely to consider on October 7 withdrawing the IGST exemption for banks and nominated agencies importing gold, silver and platinum, which otherwise face 3 per cent IGST. Gold imports in April-August 2026-27 grew 3.38 per cent to $17.47 billion.
- Gold imports, April-August 2026-27$17.47 billion
- Silver imports, April-August 2026-27$1.74 billion
What we verified
Checked against the other reports of this story.
- IGST levy on bullion imports via banks: 3% — The Hindu BusinessLine and ET Small Business agree.
Updates
Each later report on this story, newest first. Earlier entries are never edited; a correction is a new entry.
GST Council withdraws IGST exemption on bank imports of gold, silver and platinum, applying a 3% levy
- Effective date of exemption withdrawal: 1 April
- New authorised importers list issued by DGFT: 17 April
Reported figures
From the report. Source details below
| Gold and silver import duty after May hike: | 15 per cent |
|---|---|
| Platinum import duty after May hike: | 15.4 per cent |
| Silver imports decline, April-August 2026-27: | 8.81 per cent |
| Silver imports, April-August 2026-27: | $1.74 billion |