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India has withdrawn tax concessions on gold, silver, and platinum imports by banks and government-designated agencies, imposing a 3% tax on such imports, thereby raising import costs for the country's main supply channels. Srivastava, Secretary of the Tax Affairs Department of India's Ministry of Finance, said on Thursday that the Indian government has not extended the policy exempting banks from paying Integrated Goods and Services Tax (IGST) on precious metal imports beyond March 31. This move subjects all import channels for gold and silver to uniform tax treatment. Srivastava stated that the decision took effect on April 1, "We do not want taxation to be a reason for one import channel to enjoy preferential treatment." He added that the government has notified the Goods and Services Tax Council of this decision at a meeting held on Thursday.