MumbaiBanks have paid 3% tax on gold imports since April.
The government told the Goods and Services Tax Council only on Thursday.
The exemption covered gold, silver and platinum imported by banks and state-nominated agencies, the main channels supplying India’s bullion market.
Revenue Secretary Arvind Shrivastava said the change ensures parity of taxes on metals imported through different routes.
How each outlet framed it
- Reuters
- explains the change as parity with other import routes, after banks had paid 3% IGST since April
- Bloomberg Business
Sources: Reuters, Bloomberg Business