The GST Council is prone to think about making an e-way invoice obligatory for intra-state motion of gold or treasured stones price Rs 2 lakh and above and in addition e-invoicing obligatory for sure B2B transactions.

The council in its assembly on June 28-29 is prone to think about the report of the panel of state finance ministers on the feasibility of implementation of the e-way invoice requirement for the motion of gold and treasured stones.

The panel advised that e-invoicing needs to be made obligatory for B2B transactions by all taxpayers supplying gold/treasured stones and having an annual combination turnover above Rs 20 crore.

Additionally, the GoM advised that GST Community, in session with NIC, will work out the modalities and timelines for the implementation of e-invoicing for gold/treasured stones.

The GoM advised that states needs to be allowed to resolve in regards to the imposition of the requirement of an e- means invoice for intra-state motion of gold and treasured stones inside their states.

“There will likely be a minimal threshold of Rs 2 Lakh, and the states can resolve any quantity together with or above this quantity because the 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 advised an officers committee from each centre and states study the levy of GST on a reverse cost mechanism (RCM) foundation on buy of outdated gold by registered sellers/jewelers from unregistered individuals.

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