As of October 7, 2026, there is no confirmed change: reports say the GST Council may consider bringing certain government-nominated agencies into the GST regime for precious-metal imports. The existing import exemption is limited to specified entities under a notification-based framework, and any change would need an official decision and implementing notification.
What the GST Council is reportedly considering
The Economic Times reported on October 6, 2026, that government agencies including MMTC and the State Trading Corporation of India may be brought within the GST regime for precious-metal imports. The report described a possible move toward more consistent treatment of banks, nominated agencies and exchanges, with the stated aim of reducing classification and valuation disputes. These are reported policy intentions, not confirmed Council decisions. Economic Times report
Reports disagree about when the matter might be discussed. The Times of India pointed to October 8, while an earlier Economic Times/PTI report anticipated October 7. Those reports do not establish the meeting date or an outcome, and no official 2026 notice or decision is confirmed in the available reporting. Times of India report Economic Times/PTI report
What the current exemption framework covers
The import-side exemption is not a blanket exemption for every bank or agency. GST Council materials describe IGST exemptions for gold, silver or platinum imported by specified banks and other listed entities. The 52nd Council meeting agenda discussed keeping the eligible list aligned with the Foreign Trade Policy; an importer’s treatment therefore depends on the applicable list and notification. 52nd GST Council meeting agenda
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Historical GST Council minutes record the exemption proposal and its approval in 2017. They explain the concern that import IGST could have to be paid before gold was supplied downstream, including in the context of supplying gold to exporters. That history helps explain the framework, but does not establish what the Council will decide in 2026. GST Council minutes
Import IGST, later supply GST and customs duty are different
IGST at import
Bringing goods into India is treated as an import for IGST purposes. CBIC’s sectoral FAQs discuss gold and silver imported by banks on consignment, but they do not determine how a possible new rule would apply to exchanges or every category of nominated entity. CBIC sectoral FAQs
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The Economic Times described banks and certain nominated agencies as currently paying 3% GST on precious-metal imports. That is a news-reported description, not a rate that should be generalized to every importer: the official framework is entity- and notification-specific. Economic Times report 52nd GST Council meeting agenda
GST on a later supply
The import tax question is separate from GST on a subsequent domestic supply. A GST Council notification record identifies an exemption for the supply of gold by nominated agencies to registered persons. That downstream supply treatment does not, by itself, establish the import treatment for a particular entity. GST Council notification record
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Customs import duty
Customs duty is separate from GST and IGST. The World Gold Council reported that India’s gold import duty rose from 6% to 15% in May 2026. The 15% figure is a customs-duty rate, not the proposed GST treatment. World Gold Council analysis
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What a change could mean—and what remains unknown
The reports frame the proposal as an effort to improve tax parity and reduce disputes. They do not quantify what it would do to bullion prices or importers’ working capital. The practical result would depend on the final rules, including which entities are covered, when tax is payable, and how input credits and consignment imports are treated.
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Until an official decision and notification are available, the following points are unresolved:
- Which banks, nominated agencies and exchanges would be included on the eligible list.
- Whether IGST would be due at import or at a later stage, and how input-tax credit would work.
- How consignment imports and ownership would be treated.
- The effective date, transition rules and required documentation.
For a specific importer, the operative notification and the entity’s eligibility are more important than the broad label “nominated agency.”
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