India Announces 3% IGST on Gold, Silver and Platinum Imports From April 1, 2026

Key facts

• India will levy 3% Integrated Goods and Services Tax (IGST) on gold, silver and platinum imports through banks and government-recognised nominated agencies from April 1, 2026.
• Revenue Secretary Arvind Srivastava announced that the tax exemptions previously available to certain banks and nominated agencies will not be extended.
• In May, India increased the import duty on gold and silver from 6% to 15%, while the duty on platinum rose from 6.4% to 15.4%.
• India's gold imports rose 3.38% to $17.47 billion during April-August of the 2026-27 financial year, while silver imports fell 8.81% to $1.74 billion.
• India is the world's second-largest gold consumer after China.
• Prime Minister Narendra Modi urged people to reduce gold purchases, citing the need to conserve foreign exchange.