Gold, silver imports may lose GST-free pass
The GST Council may withdraw the Integrated Goods and Services Tax (IGST) exemption on gold, silver, and platinum imports by banks and nominated agencies during its meeting on October 7. This proposal aims to align taxation for bullion exchanges and these agencies, addressing concerns over foreign currency outflows. The decision could impact India's significant gold import market, which reached USD 17.47 billion from April to August 2026-27.