India Ends Bank Tax Benefit on Precious Metal Imports
India has withdrawn a tax benefit for banks importing gold and other precious metals. Banks have paid a 3 percent integrated goods and services tax since April to ensure parity across all import routes.
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India removed a bank tax exemption on imports of Gold and other precious metals, subjecting commercial banks to a 3% integrated goods and services tax. The fiscal adjustment aligns import duties across different trade channels. The policy shift affects bullion importers operating in domestic markets.
