Government withdraws IGST relief on precious metal imports
In short
The government has ended the upfront IGST exemption for banks and nominated agencies bringing in gold, silver and platinum. Since 1 April 2026, these imports have faced a 3% customs levy.
That may make imports more expensive for banks, agencies and buyers. The report does not say how much prices will rise or how quickly the change will show up.
What the reporting says
The government withdrew the upfront IGST exemption for banks and nominated agencies importing gold, silver and platinum, according to a publisher-supplied summary. Since 1 April 2026, those imports have been subject to a 3% customs levy. The report does not say whether buyer prices have already moved, but higher import costs could affect banks, agencies and precious metal buyers.
Why it matters
The government withdrew the upfront IGST exemption for banks and nominated agencies importing precious metals, and the report says a 3% customs levy has applied since 1 April 2026. This raises import costs for gold, silver and platinum channels. The reporting does not state the exact effect on retail prices or demand, so the final burden on buyers is not yet clear.