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

The GST Council is Extra probably To imagine about making an e-method invoice obligatory for intra-state movement of gprevious or useful stones worth ₹2 lakh and above And in addition e-invoicing obligatory Needless to say B2B transactions.

The council in its meeting on June 28-29 is Extra probably To imagine about the report of the panel of state finance ministers on the feasibility of implementation of e-method invoice requirement for the movement of gprevious and useful stones.

The panel suggested that e-invoicing Ought to be made obligatory for B2B transactions by all taxpayers supplying gprevious/useful stones and having annual combination turnover above ₹20 crore.

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

The GoM suggested that States Ought to be allowed To Search out out about imposition of the requirement of e- method invoice for intra-state movement of gprevious and useful stones withOf their states.

“There Shall be a minimal threshprevious of Rs 2 Lakh, and the states can decide any quantity collectively with or above this quantity as minimal threshprevious for generations of e-method invoice for intra-state movement of gprevious/useful stones Of their state,” the GoM said in its report.

The panel also suggested an officers committee from each Centre and States look at the levy of GST on reverse cost mechanism (RCM) basis on buy of previous gprevious by registered sellers/jewellers from unregistered individuals.

Presently, companies with a turnover of over ₹50 crore Want to mandatorily generate e-invoices for B2B transactions. However, the situation Does not apply to gprevious and useful stones.

Revealed on

June 24, 2022

Source: https://www.thehindubusinessline.com/news/gst-council-to-consider-making-e-way-bill-mandatory-for-gold-precious-stones/article65559903.ece