e-Way bill mandatory for movement of precious metals
The council in its meeting on June 28-29 is likely to consider the report of the panel of state finance ministers on the feasibility of implementation of e-way bill requirement for the movement of gold and precious stones.
The panel suggested that e-invoicing should be made mandatory for B2B transactions by all taxpayers supplying gold/precious stones and having annual aggregate turnover above ₹20 crore.
Also the GoM suggested that GST Network, in consultation with NIC, will work out the modalities and timelines for implementation of e-invoicing for gold/precious stones.
The GoM suggested that States should be allowed to decide about imposition of the requirement of e- way bill for intra-state movement of gold and precious stones within their states.
"There will be a minimum threshold of Rs 2 Lakh, and the states can decide any amount including or above this amount as minimum threshold for generations of e-way bill for intra-state movement of gold/precious stones in their state,” the GoM said in its report.
The panel also suggested an officers committee from both Centre and States examine the levy of GST on reverse charge mechanism (RCM) basis on purchase of old gold by registered dealers/jewellers from unregistered persons.
Currently, businesses with a turnover of over ₹50 crore have to mandatorily generate e-invoices for B2B transactions. However, the condition does not apply to gold and precious stones.