“In case of imports, IGST of 3 % has to be paid for bringing
gold in the country. When sold to a dealer or a jeweller, refund has to be
applied for, which usually takes long to come. This will increase the cost of
operation. On any transfer among branches, IGST would have to be paid and one
could recover this from the customer only at the time of sale. Working capital
required for conducting gold business will increase. Government should look
into it,” Shekhar Bhandari, Senior Executive VP & Business Head, Kotak
Mahindra Bank.
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