E-Way Bill for Intra State Movement of Gold (Download PDF)

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E-Way Bill for Intra State Movement of Gold

  • States can make e way bill mandatory for transportation of gold within the respective states.
  • But implementing it for inter-state movement across India will not be feasible.
  • The GoM (Group of Ministers) set up to examine feasibility of implementation of e-way bill for movement of gold and precious stones.
E - Way Bill for Insta State

Overview

  • During the meeting, Kerala and Karnataka wanted e-way bill for inter-state movement of goods, Gujarat and Bihar felt it was not practical and feasible.
  • The GoM set up by GST council in November 2019, was also tasked to suggest alternative ways and mechanism to control tax evasion on gold.
  • The panel will also investigate the possibility of e-invoicing on every sale of gold and precious metals and jewelry as prescribed by the rules.
  • The possibility of levying reverse charges will also be explored- where the buyer pays tax on purchase of gold to check sale of smuggled gold.
  • The government plans to introduce e-invoicing from October 1,2020 for firms having a turnover of over ₹ 500 crore.
  • Under the GST regime, e-way bills are required for inter-state transportation of goods valued over ₹ 50,000.
  • Though, gold is exempted yet.
  • In the electronic way (e-way) bill system, businesses and transporters must produce the e-way bill before a GST inspector.
  • E-way bills have a validity of one day for every 100 km.
  • For over dimensional cargo like trucks, the validity is one day for every 20 km.

- Published/Last Modified on: January 21, 2021

Economy, Bills

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