India ends tax exemption on gold, silver and platinum imports by banks and nominated agencies

The Economic Times reports that India did not extend the tax exemption for precious metals imported through banks beyond March 31. Revenue Secretary Arvind Shrivastava said the change took effect April 1 to put import routes on equal tax footing. The outlet, citing Bloomberg, says gold, silver and platinum shipments through banks and nominated agencies face a 3% integrated goods and services tax, which will tie up more working capital for importers.