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The GST Council is more likely to think about 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 more likely to think about 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 steered 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 steered 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 steered that States ought to be allowed to determine about imposition of the requirement of e- manner invoice for intra-state motion of gold and treasured stones inside their states.
“There shall be a minimal threshold of Rs 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.
The panel additionally steered an officers committee from each Centre and States look at the levy of GST on reverse cost mechanism (RCM) foundation on buy of outdated gold by registered sellers/jewellers from unregistered individuals.
At present, 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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