MUMBAI, Oct 9 (Reuters) – The 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% integrated goods and services tax since April, local media reported on Friday, citing the revenue secretary.
The government informed the Goods and Services Tax Council, a body of federal and state government officials, about the change on Thursday, Revenue Secretary Arvind Shrivastava was quoted as saying by the Moneycontrol website.
“This is done to ensure parity of taxes imposed on imports of gold and other metals through different routes,” Shrivastava said.
Reporting by Shilpa Jamkhandikar; Editing by Neil Fullick
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.