Govt withdraws tax benefit for banks on gold, silver, platinum imports
This is done to ensure parity of taxes imposed on imports of gold and other metals through different routes, Revenue Secretary says
The Indian government has ended a tax benefit offered to banks for importing gold, silver, and platinum, according to local media reports. Since April, banks have been subject to a 3 per cent integrated goods and services tax on such imports, according to the revenue secretary. The government communicated this decision to the Goods and Services Tax Council, a body comprising federal and state government officials, on Thursday, as reported by the Moneycontrol website.
Arvind Shrivastava, the Revenue Secretary, clarified that this change was implemented to ensure that taxes imposed on imports of gold and other metals are applied uniformly through various channels. The source emphasized that all comments should be in English and written as complete sentences, avoiding any abusive or personal remarks, in compliance with community guidelines.
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