GST council to consider making e-way bill mandatory for gold, precious stones

The GST Council meeting is to be held during 28-29 June 2022.

In the meeting, the report by the panel of state finance ministers, on the feasibility of implementation of the e-way bill requirement for the movement of the gold and precious stones is likely to be considered by the Council.

On account of the Intra-state movement of gold or precious stones (Rs. 2L and above), the GST Council is considering mandating the e-way bill generation.

In addition to the above, e-invoicing will also be mandated on certain B2B transactions.

The suggestions from the panel are as stated:

• E-invoicing is to be mandatory by all taxpayers supplying gold/precious stones and having an aggregate annual turnover over Rs. 20 cr, for B2B transactions;
• In consultation with NIC, GSTN, will work out modalities and timelines for implementation of the e-way bill for the above;
• It shall be allowed for the states to decide about the imposition of the requirements of the e-way bill for the intra-state movement of gold and precious stones within the respective state;
• GST on reverse charge basis on purchase of old gold by the registered dealers/jewellers from unregistered person. 

Currently, the e-invoice requirement is mandatorily for businesses with a turnover of over Rs. 50cr. However gold and precious stones do not fall under this condition.

Source: Money Control