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Aug 21, 2017
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Banks to pay 3% IGST on gold imports
Banks importing gold and precious metals will have to pay 3 per cent tax under the GST which can be claimed as input tax credit, the government has said.Clarifying issues on GST on gems and jewellery through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs said banks did not pay any VAT on import of precious metals previously. They only paid customs duty.
However, under GST, "3 per cent Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty. IGST paid can be taken as input tax credit by the banks."
Source -
http://economictimes.indiatimes.com
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