MMTC, STC may lose gold import tax advantage as GST Council weighs 3% GST; aim to put banks, nominated agencies and exchanges on equal footing

The proposal is aimed at ensuring that different channels used to import bullion face similar tax treatment and at reducing classification and valuation disputes that have resulted in lengthy litigation. The issue is likely to be discussed at the GST Council meeting on October 8. Currently, banks and certain nominated agencies are required to pay 3% GST when importing precious metals.