Business Mantra News
- 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.