GST Council decided to include RBL Bank and ICBC bank in the list of specified banks to import gold, silver or platinum
50th GST council meeting was conducted on 11th July 2023, where many changes have been proposed under GST.
One of the proposals was to include RBL Bank and ICBC bank in the list of specified banks for which IGST exemption is available on imports of gold, silver or platinum
The council has been decided to include RBL Bank and ICBC bank in the list of specified banks for which IGST exemption is available on imports of gold, silver or platinum and update the list of banks /entities eligible for such IGST exemption as per Annexure 4B (HBP) of Foreign Trade Policy 2023.
Consequential changes in notifications may be carried out in view of new Foreign Trade Policy 2023.