April gold imports plunge near 30 year low as 3% IGST demand triggers bank shutdown

Banks stopped clearing shipments after a new tax demand

India’s gold imports are expected to drop to about 15 metric tons in April, nearly a 30-year low, as banks halted shipments. The stoppage follows a 3% IGST demand raised by customs, with delays also reported in formal authorisation for bullion imports. With banks handling most incoming consignments, the tax dispute is directly hitting supply flows.