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IGST ON GOLD
Govt withdraws key bank tax benefit on gold, silver and platinum importsThe Indian government did not extend a tax benefit for banks on imports of gold and other precious metals and they have been paying a 3% in...- GST Council meet: Scrapping tax officers' arrest powers, decriminalisation among reforms on agendaThe GST Council is poised to address significant reforms that could transform GST compliance for businesses. Among the proposed measures ar...
- GST exemption for banks, nominated agencies for gold, silver imports may be withdrawnThe GST Council may end the IGST exemption on gold, silver and platinum imported by banks and nominated agencies, sources said. The exempti...
- GST Council may clear sweeping compliance reforms; e-commerce sellers, genuine buyers to get reliefThe GST Council will assess various procedural reforms aimed at simplifying tax compliance for businesses. Proposed measures include enabli...
- States' revenue growth to accelerate 9-11% as GST collections rise 16% in first five months: CrisilRevenue growth for 18 major Indian states is projected to accelerate to 9–11% in fiscal 2027, taking combined revenues past ₹44 lakh crore,...
- Gold imports under India, UAE FTA quota remain modest: OfficialGold imports under a special trade deal with the UAE have seen low usage. The India-UAE Comprehensive Economic Partnership Agreement offers...
- Gold imports from Dubai may rise after duty hike: GTRIIndia's recent hike in import duties on gold and silver opens the door for enhanced trade relations with Dubai. Thanks to the India-UAE tra...
- Kalyan Jewellers, Titan, other jewellery stocks crash up to 6% as Centre hikes gold customs duty to 15%Jewellery stocks like Kalyan Jewellers and Titan Company tumbled up to 6% after the government hiked customs duty on gold and silver import...
- Centre working to restore gold import tax exemption for banks; shipments resume after IGST glitch: IBJAThe Centre is expected to issue a rectification order within 48-72 hours to restore the tax exemption for gold-importing banks after a noti...
- Indian banks pause gold imports as renewed FinMin notification on IGST hangs fire in FY27Banks in India have paused gold and silver imports since April 1, pending an annual government notification that provides tax clarity for b...
- Indian April gold imports fall to near 30-year low as tax demand hits shipmentsIndia’s gold imports in April are set to fall to around 15 metric tons, a near 30-year low, as banks halted shipments following a 3% IGST d...
- Anti evasion wing of Mumbai Central GST busts major illegal gold movement channel“The customs and GST officials have raised their drive to curb evasion of import duty or of the GST,” said a government official speaking o...
- Niti Aayog suggests slashing import duty, GST rate on goldNiti Aayog has also recommended the government to review and revamp the gold monetisation scheme and the sovereign gold bond scheme and int...
- Easing of interstate movement norms a boon to gold tradeNow, jewellers have to pay 3 per cent IGST on actual sales and are not required to pay advance tax
- Cut 3% IGST for bullion jewellery exporters: IBBAIBBA comprises banks with bullion desks and includes the likes of Scotiabank, Kotak Bank, SBI, etc.
- Banks to pay 3% IGST on gold importsImport of gold attracts a 10 per cent basic customs duty. On top of that a 12.5 per cent countervailing duty (CVD) was levied prior to GST.
- Gold consignments from South Korea to face strict customs scrutinyThe collections from customs duty and IGST from import of all commodities post the implementation of GST has almost doubled to Rs 30,000 cr...
- Govt promises to look into gold IGST grievance of banks17 nominated banks and 5 agencies import around 5,00,600 tonnes of gold annually.
- AGRM expresses concern at “huge pricing disadvantage” faced by gold refineries,bullion importing banksBanks and other nominated agencies import gold bullion at 10%. Now, they will also have to pay 3% IGST on import, taking their cost to 13%.
- Gold industry wants government to impose customs duty on raw goldThe GST on gold is 3%. This subsumes VAT, excise, CVD and other levies, with the exception of stamp duty, from July 1.
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