The GST Council may consider a mandatory e-way bill for intra-state shipments of gold or precious stones valued at Rs 2 lakh and above and e-invoicing for certain B2B transactions.

The Council, at its June 28-29 meeting, may consider a report by a group of national finance ministers on the feasibility of implementing e-way bill requirements in the transport of gold and precious stones.

The panel recommends that e-invoicing be mandatory for all B2B transactions of taxpayers offering gold and precious stones with a gross annual turnover exceeding Rs 20 crore.

In addition, the GoM recommends that the GST Network, in consultation with the NIC, develop modalities and a timetable for implementing electronic invoicing for gold and precious stones.

The GoM proposes to allow states to determine their e-way bill requirements for intrastate shipments of gold and precious stones.

“There will be a minimum threshold of Rs 2 lakh, and states can set any amount with or above this amount as the minimum threshold for creating e-way bills for interstate movement of gold and precious stones in their states,” GoM said in its report.

The panel advised an official committee of both the Centre and the State to examine the GST levied based on the reverse charge system (RCM) on purchasing old gold by registered traders and jewellers from registered persons.
Currently, businesses with a turnover of over Rs 50 crore are required to create e-invoices for B2B transactions. However, the condition does not apply to gold and precious stones.