GST council in its 2-day assembly, beginning in the present day, is more likely to take into account the report of the panel of state finance ministers on the feasibility of implementation of e-way invoice requirement for the motion of gold and treasured stones.

“There will likely be a minimal threshold of ₹2 Lakh, and the states can determine any quantity together with or above this quantity as minimal threshold for generations of e-way invoice for intra-state motion of gold/treasured stones of their state,” the GoM mentioned in its report.

At the moment, companies with a turnover of over ₹50 crore should mandatorily generate e-invoices for B2B transactions. Nonetheless, the situation doesn’t apply to gold and treasured stones. 

Additional, the Council, chaired by the Union Finance Minister and comprising state counterparts, will even clear levying the best tax of 28 per cent on on-line video games, casinos and horse racing, in addition to, discussing a report of a GoM on high-risk taxpayers below GST to curb evasion.

The 2-day meet has lots on its plate: exemptions on items and providers, rejig of some charges, bringing on-line gaming casinos and horse racing below single 28 per cent tax bracket. 

The GST collections over the previous few months have risen however the improve has come after an extended length of setbacks, particularly as a result of slowdown created by the pandemic.

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