India Cancels Key Tax Breaks on Gold Imports, Raising Costs for Major Channels

India has revoked tax incentives for banks and government-designated entities importing gold, silver, and platinum, imposing a 3% levy on these goods and increasing costs for primary supply channels to one of the world's largest precious metals markets. A tax secretary stated Thursday that the government will not extend the exemption from integrated goods and services tax (IGST) on bank imports of precious metals beyond March 31 this year. This move places all gold and silver import channels on equal footing regarding tax treatment. (Caixin Global)