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Indian April gold imports fall to near 30-year low as tax demand hits shipments
India’s April gold imports are set to fall to a near 30-year low of around 15 metric tons, industry and government sources said, because banks have been hit by an unexpected tax demand. Banks, which import most of India’s refined gold, have halted shipments since Indian customs began demanding a 3% integrated goods and services tax on the metal, said Surendra Mehta, secretary at the India Bullion and Jewellers Association. In 2017, when India adopted the IGST, gold-importing banks were exempted from paying the 3% levy. The tax demand now being imposed on banks follows a delay in issuing a formal government order ... (full story)
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- Apr 30, 2026 4:20pm Posted byFundamental Analysis441
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