India Cancels Preferential Tax Benefits for Banks and Designated Institutions on Import of Precious Metals; 3% Tax Imposed on Gold, Silver, and Platinum Imports

智通财经2026/10/09 08:06

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(1) India has removed tax exemptions for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% tax on these imports, thereby increasing the cost for major channels supplying to one of the world's largest precious metals markets. (2) Its revenue secretary, Arvind Shrivastava, stated on Thursday that the government did not extend the exemption from the Integrated Goods and Services Tax (IGST) for precious metals imported through banks beyond March 31 of this year. (3) This move places all gold and silver import channels on an equal footing in terms of tax treatment. (4) Shrivastava explained that the decision was made “to prevent tax policy from making one import channel more advantageous than another.” (5) India strictly controls gold imports, with most gold entering the country through authorized banks and designated institutions, while eligible jewelers may import through the India International Bullion Exchange. (6) The new tax regime will require these importers to allocate more operating funds.

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(1) India has cancelled the tax benefits for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% tax on the related imported goods, thereby increasing the cost of major supply channels to one of the world's largest precious metals markets. (2) Its revenue secretary, Arvind Shrivastava, stated on Thursday that the government did not extend the exemption of Integrated Goods and Services Tax (IGST) for banks importing precious metals beyond March 31 of this year. (3) This move places all channels of gold and silver imports on an equal footing in terms of tax treatment. (4) Shrivastava said the decision was made "to prevent tax from being the reason that one import channel is favored over another." (5) India strictly controls gold imports, with most gold entering the country via authorized banks and designated institutions, while eligible jewelers can import through the India International Bullion Exchange. (6) The new tax regime will tie up more working capital for these importers.

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智通财经•2026/10/09 11:12

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路透社•2026/10/09 11:12

Portugal's trade deficit narrowed to 2.99 billion euros in August, with export growth surpassing imports.

(1) Portugal's trade deficit narrowed to 2.99 billions euros in August 2026, compared to 3.11 billions euros in the same period last year. (2) Exports rose by 6.8% to 5.36 billions euros, driven by a surge of 61.7% in fuel and lubricant prices. (3) Exports of machinery and other capital goods increased by 16.7%, industrial goods exports rose by 6.5%, while exports of transport equipment fell by 19.1%, mainly due to a decrease in passenger car sales. (4) Exports to the Netherlands increased by 46.8%, exports to Spain grew by 11.2%, while shipments to the United States declined by 28.5%. (5) Imports grew by just 2.8% to 8.35 billions euros, with fuel and lubricant imports increasing by 23.5% and imports of machinery and other capital goods rising by 16.7%. (6) Imports of industrial goods fell by 8.6%, mainly due to chemicals. (7) In the first eight months of 2026, Portugal's trade deficit widened to 24.42 billions euros, compared to 21.97 billions euros in the same period last year.

智通财经•2026/10/09 11:06