The GST Council is considering imposing a uniform 3% Goods and Services Tax (GST) on gold imports across all entities. This proposal aims to eliminate the tax advantages currently enjoyed by state-run nominated agencies such as MMTC and STC India.
Under the existing framework, certain nominated canalising agencies benefited from specific exemption or concession structures on gold imports, placing commercial banks, other nominated agencies, and commodity exchanges at a relative disadvantage. By establishing a standard 3% GST rate on all gold imports, the government intends to create a level playing field, foster fair market competition, and enhance transparency across bullion trading channels.
If implemented, this policy change will streamline tax compliance for bullion importers, banks, and jewellers alike. For businesses operating in the precious metals and jewelry sectors, aligning supply chain accounting and tax credit mechanisms with the new regime will be crucial to maintaining cost efficiencies.
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