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Banks to pay 3% IGST on gold imports: CBEC

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Banks to pay 3% IGST on gold imports: CBEC
Banks importing gold and precious metals will have to pay 3 percent tax under the goods and services tax (GST), which can be claimed as input tax credit.
Clarifying issues on the GST on gems and jewellery through frequently asked questions, the Central Board of Excise and 
Customs said banks did not pay any value added taxon import of precious metals previously. They only paid Customs duty. 
However, under the GST, “3 percent Integrated GST, or IGST, 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.” It also said banks would be liable to pay IGST on such imports and not any over seas supplier in which ownership is vested during movement of gold or silver.
The Business Standard, New Delhi, 22th August 2017

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