GST Exemption on Gold, Silver and Platinum

GST Exemption on Gold, Silver and Platinum

GST Exemption on Gold, Silver and Platinum

As per the latest GST Council meeting held on 20th September 2019, the council announced exempted or reduced Goods and Services Tax in the interest of the public. Of which, the GST is exempted on the export of Gold, Silver and Platinum. This revised rate of GST is effective from 1st October 2019.

The exemption of GST was announced to promote the exports from India. Apart from the precious metals, the exemption is applicable for the services provided by an intermediary agency to a supplier of goods or recipient of goods if both the supplier and recipient are located outside the taxable territory. Also, the mandatory declaration of the location of the service recipient for the companies in Research and Development (R&D) are exempted.

Exemption from GST/IGST

  • At the time of import on Silver/Platinum by specified nominated agencies
  • Supply of Silver/Platinum by the specified nominated agency to exporters for exports of Jewellery

Also, the Diamond India Limited (DIL) is included in the list of nominated agencies eligible for IGST exemption on imports of Gold, Silver or Platinum which will enable to supply at Nil GST to Jewellery exporters.

The GST rate on cut and polished semi-precious stones has also been reduced to 0.25% from 3%. This is to ease the exporters to have enough working capital and enable exporters to compete in international markets.

The revised GST tax rates are applicable from 1st October 2019 onwards. The exact notification from the Ministry of Finance is produced below for quick reference:

GST Exemption on Gold

Other Related Guides

Return of Expired Medicine Under GST Return of Expired Medicine Under GST There was various confusion prevailing within the pharmaceutical industry with regard to the treatment of the ti...
Guide to CGST, SGST and IGST Guide to CGST, SGST and IGST CGST, SGST, and IGST apply to the interstate and intra-state supply of goods and services. GST acts as a destination tax...
SPARSH SPARSH The acronym SPARSH stands for Social innovation programme for Products: Affordable and Relevant to Social Health, is a programme authorised by...
Related Company Services under GST Related Company Services under GST Para 2 of Schedule I of the Central Goods and Service Tax Act, 2017 states that supply of goods or services or bot...
Intra-State Supply of Gold under GST Intra-State Supply of Gold under GST The implementation of Goods and Service Tax had a huge effect on the gold industry. With GST in force, the gold ...

Post by Arnold Thomas

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.


Hi there,

Online We are available online!