Desk note · industry · Bullion / GST
Revenue Secretary Arvind Shrivastava told the GST Council on 8 October 2026 that India did not renew a tax break for banks on bullion imports. Lenders have been paying 3% integrated GST on gold, silver, and platinum brought in through bank channels since April.

On 8 October 2026, Revenue Secretary Arvind Shrivastava briefed the Goods and Services Tax Council on precious metal imports. He said the government did not extend a tax benefit that had applied to banks bringing gold, silver, and platinum into India. Local media reported that lenders have been paying a 3% integrated goods and services tax on those imports since April. The change was framed as aligning how bullion enters the country whether the buyer is a bank, a trader, or another importer.
India imports most of its gold. Banks play a big role in channelling metal to jewellers and refiners. When one route enjoyed lighter tax treatment, arbitrage followed. Charging the same integrated GST on bank imports closes that gap. It is a compliance and revenue story more than a retail price shock. Jewellery shops still set prices off global rates, duties, and local margins. The shift mainly changes the economics for banks and large bullion desks that had relied on the old break.
If you buy gold jewellery, watch global prices and making charges first. This rule change is about how metal lands in India, not a new festival discount. If you work in bullion banking or imports, re-check landed cost models from April onward. Watch whether other import channels report similar parity steps and whether the Council discusses bullion again at its next rate-focused meeting.
Trade policy / exports
Commerce minister Piyush Goyal said on 22 October 2026 that India’s proposed free-trade agreement with the European Union could become operational within four to five months after signing, with the deal expected to be inked before year-end during his visit to Germany.
Food delivery / quick commerce
Swiggy reported on 22 October 2026 that September-quarter revenue rose 36% to about ₹7,571 crore and the consolidated net loss narrowed to ₹922 crore, as food delivery posted record adjusted core profit of about ₹349 crore while quick-commerce Instamart lost about ₹764 crore at the segment level amid heavier discounting and 69 new dark stores.
Quick-service restaurants / consumers
KFC and Pizza Hut operator Sapphire Foods India said on 22 October 2026 that September-quarter consolidated restaurant sales rose 20% year on year to about ₹885 crore, with KFC India same-store sales up 14% and adjusted EBITDA margin expanding 100 basis points to 7.1% even as the listed stock remained far below its 52-week high.
RBI / government borrowing
On 22 October 2026, the Reserve Bank of India accepted no bids at the scheduled sale of short-dated government treasury bills, the first full cancellation in about seven months, as investors demanded higher yields amid a bond selloff, oil-linked inflation fears, and expectations of more rate hikes after October’s policy minutes.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.