Banks to pay 3% GST on gold imports: CBEC

Banks importing gold and precious metals will have to pay 3% tax under the GST which can be claimed as input tax credit, the government has said. Clarifying issues on GST on gems and jewellery through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs said banks did not pay any VAT on import of precious metals previously. They only paid customs duty. However, under GST, “3%…