Gold Imports by Banks to Attract IGST @ 3%

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  • Any Precious Metal including Gold imported by Banks shall attract 3% of IGST for which the Banks can claim it as input tax credit.
  • Under GST Regime, basic custom duty and IGST payable by Banks inspite of the fact that Banks did not pay any VAT.
  • Basic Custom Duty of 10% and 12.5% counter veiling duty (CVD) was payable earlier.
  • Previously Banks had to pay only basic custom duty on import of gold and other precious metals.
  • Even the ownership is vested with importer of gold and other precious metals, Banks shall have to pay IGST @ 3% and they are entitled to claim credit of it.

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