Banks and agencies importing gold, silver and platinum into India lose their Nil IGST rate from 1 November

Banks and agencies that import gold, silver and platinum into India have lost a tax break. From 1 November 2026, these imports no longer get a Nil rate of IGST.

IGST is the integrated goods and services tax, a form of GST.

The Ministry of Finance made the change in Notification No. 34/2026-Customs, dated 27 October 2026. It amends Notification No. 45/2025-Customs, which lists import duty and tax exemptions.

That notification had an entry, S. No. 198, for goods in Chapter 71. It covered gold or silver imported by banks, and gold, silver or platinum imported by listed entities. It set IGST at Nil.

The new notice says S. No. 198 "and the entries relating thereto shall be omitted". Lists 13, 14 and 15, which named the banks and entities, are removed too. The change applies from 1 November 2026.

The notice does not state what IGST rate now applies to these imports. The same notice also changes two defence entries in the exemption list.

This matters most for the banks and agencies that import bullion. Businesses that buy metal from them should check how the change affects their costs.

The notice does not say how the change affects goods already on the way. Watch for guidance from the Central Board of Indirect Taxes and Customs (CBIC).

What to check

• Did your supplier import under S. No. 198 before 1 November?
• What IGST rate applies to your metal now?
• Do your prices and cash flow allow for tax paid at import?

Further reading: CBIC copy of Notification No. 45/2025-Customs.