Posted on by abhishek

Currently Banks do not pay any VAT on import of precious metals. Banks/nominated agencies pay only customs duty on imports. In the new regime of GST, will the Banks have to pay IGST while importing?

  1. Yes, 3% IGST is payable on all imports of precious metals in addition to the basic customs duty.
  2. IGST paid can be taken as input tax credit by the banks.

( FAQ 2 : GEMS AND JEWELLERY  )