Domestic gold spot exchanges face tax hurdle, unlikely to start ops

IBJA has also suggested to the govt to create a notional entity wherein all GST is immediately refunded by the govt to the trader as soon as gold is deposited in the vault

Domestic gold spot exchanges are facing taxation hurdles, and until the issues are sorted out, they are unlikely to start operations. 

All three domestic exchanges had initiated the process to start spot gold trading either as a segment on the existing exchange or as a separate platform.

The National Stock Exchange (NSE), the country’s largest exchange for equity spot and derivatives, has announced a tie-up with the Indian Bullion and Jewellers Association (IBJA). Members of the IBJA will pick up equity in the proposed firm and all the process for that is understood to be in the last leg.

The BSE, India’s oldest