India has withdrawn the upfront IGST exemption that banks and nominated agencies enjoyed when importing gold, silver and platinum, LiveMint reports. Since 1 April 2026 those imports have attracted 3% IGST at customs, a change the government says brings parity across import routes, including the India International Bullion Exchange. The tax remains recoverable through input tax credits, but paying it upfront raises importers' funding costs, which could feed into local prices in small margin changes rather than an automatic 3% rise for buyers.
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