Gold, silver and platinum imports through banks and government-designated agencies have faced a 3% IGST since April 1. The government says the change aligns tax treatment across import channels.
Revenue Secretary Arvind Shrivastava told reporters that the government had informed the GST Council that the list of agencies previously exempt from IGST on precious-metal imports was not extended beyond March 31, 2026.
The 3% rate now applies to imports through banks and nominated agencies as it does to other routes, including bullion shipments. The tax covers gold, silver and platinum. Under the previous arrangement, exemption applied to organisations on a list periodically notified by the government.
The Hindu reported that the list was not renewed from April 1 amid government concern about foreign-exchange outflows tied to precious-metal imports. The same report said import duties were raised in May from 6% to 15% for gold and silver, and from 6.4% to 15.4% for platinum, in an effort to curb non-essential imports.
Gold imports rose 3.38% to US$17.47 billion in April–August of fiscal year 2026–27, while silver imports fell 8.81% to US$1.74 billion, according to figures cited by the newspaper. Government trade data also show higher overall imports of precious metals and jewellery in the period.
India is one of the world’s largest gold consumers, with demand closely tied to the jewellery industry. Prime Minister Narendra Modi has urged people to avoid gold purchases as the import bill and pressure on the rupee have increased.