New Delhi, Oct. 10 -- The government has ended tax relief for banks importing gold, silver and platinum. Banks must now pay 3% Integrated Goods and Services Tax, or IGST, upfront.

According to Revenue Secretary Arvind Shrivastava, banks have paid this tax since 1 April 2026. The government informed the GST Council about the change on 8 October.

"This is done to ensure parity of taxes imposed on imports of gold and other metals through different routes," Reuters quoted Shrivastava as saying.

The exemption covered gold imports in 2017. It was later extended to other precious metals. Under this relief, banks could import these metals without paying IGST upfront. The exemption for banks and nominated agencies has now expired.

Bank imports...