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The GST Council is prone to take into account making an e-way invoice necessary for intra-state motion of gold or treasured stones value ₹2 lakh and above and likewise e-invoicing necessary for sure B2B transactions.
The council in its assembly on June 28-29 is prone 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.
The panel advised that e-invoicing ought to be made necessary for B2B transactions by all taxpayers supplying gold/treasured stones and having annual mixture turnover above ₹20 crore.
Additionally the GoM advised that GST Community, in session with NIC, will work out the modalities and timelines for implementation of e-invoicing for gold/treasured stones.
The GoM advised that States ought to be allowed to resolve about imposition of the requirement of e- manner invoice for intra-state motion of gold and treasured stones inside their states.
“There might be a minimal threshold of Rs 2 Lakh, and the states can resolve 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 stated in its report.
The panel additionally advised an officers committee from each Centre and States look at the levy of GST on reverse cost mechanism (RCM) foundation on buy of previous gold by registered sellers/jewellers from unregistered individuals.
Presently, companies with a turnover of over ₹50 crore should mandatorily generate e-invoices for B2B transactions. Nevertheless, the situation doesn’t apply to gold and treasured stones.
Revealed on June 24, 2022
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