India withdraws bank tax benefit on gold, silver, platinum imports

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