The CBIC has issued Notification No. 18/2025–Central Tax (Rate) dated October 24, 2025, revising the definition of “Nominated Agency” under the GST. Effective November 1, 2025, the term will now refer to entities listed in Lists 13, 14, and 15 of Notification No. 45/2025–Customs, dated October 24, 2025. These include select banks such as Axis Bank, HDFC Bank, State Bank of India, Union Bank of India, and entities like The Handicraft and Handlooms Exports Corporation of India Ltd., MSTC Ltd., and Diamond India Ltd. The amendment aligns the GST provisions with customs regulations governing the import of gold, silver, and platinum.
In exercise of the powers conferred by section 11(1) of the CGST Act, 2017, the Central Government, on the recommendations of the GST Council, has substituted clause (c) of the Explanation to Notification No. 26/2018–Central Tax (Rate), dated December 31, 2018.
Under the revised provision, the term “Nominated Agency” shall now mean the entities mentioned in Lists 13, 14, and 15 appended to Table I of Notification No. 45/2025–Customs, dated October 24, 2025. The amendment will come into force with effect from November 01, 2025.
Reference: Customs Notification No. 45/2025–Customs
The referenced Customs notification specifies entities permitted to import gold, silver, and platinum with duty exemption as per the appended lists.
List 13 – Banks eligible to import Gold or Silver (valid from April 1, 2025 to March 31, 2026):
- Axis Bank Limited
- Bank of India
- Federal Bank Limited
- HDFC Bank Limited
- Industrial and Commercial Bank of China Limited
- ICICI Bank Limited
- IndusInd Bank Limited
- Kotak Mahindra Bank Limited
- Karur Vysya Bank Limited
- Punjab National Bank
- RBL Bank Limited
- State Bank of India
- Yes Bank Limited
List 14 – Banks eligible to import Gold:
- Indian Overseas Bank
- Union Bank of India
List 15 – Entities eligible to import Gold/Silver/Platinum:
- The Handicraft and Handlooms Exports Corporation of India Ltd.
- MSTC Ltd.
- Diamond India Ltd.
The revised definition will be applicable from November 01, 2025.
Similar notifications have been passed under the Integrated Goods and Services Tax Act, 2017 (“the IGST Act”) and the Union Territory Goods and Services Tax Act, 2017 (“the UTGST Act”).
The Notifications can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/10/CBIC-NN-18-2025-CGST-UTGST-IGST.pdf
