Kerala FM Thomas Isaac bats for GST e-invoicing in gold and jewellery trade

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A high level group of ministers will discuss GST e-invoicing for gold jewellers whose turnover is below Rs 500 crore to curb fake invoicing and revenue loss. From October this year, businesses whose turnover is Rs 500 crore or above will generate all invoices on a centralised government portal.

“We will discuss lowering the e-invoice threshold for the gold and jewellery trade at our next meeting,” Thomas Isaac, Kerala FM who is part of the GoM set up for the gems and jewellery trade, told ET. The other members are the FMs of Gujarat, Punjab and Bihar. The GoM is slated to meet next month.

Isaac said that state governments should be able to track all the transactions done by gems and jewellery trade to plug any loopholes resulting in revenue loss.“Once a nodal team of officers examines all the modalities we will put forth the proposal to the GST Council,”he added.

Other proposals discussed at last week’s meeting were intrastate e-way bill for gold and 3% GST on purchase of old gold under the reverse charge mechanism (from an unregistered dealer). Currently e-way bill for interstate or intrastate movement is not applicable to the trade on security grounds.

India imported a total 14.1 tonnes of bullion in the June quarter, down 95% from the year -ago quarter, said the World Gold Council. Gross bullion imports were 827.4 tonnes in 2019 and 871.7 tonnes a year before.

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