Discussion on GST e-invoicing in Gold and Jewelry Trade, Expected Next Month: Kerala FM

E-invoice will come into action from October 2020, and after its inclusion businesses having turnover INR 500 crores or above have to generate invoices through a centralized Government portal.

As per a recent update, a meeting between a high-level group of ministers will be organized where they will discuss GST E-invoicing Know the step by step guide related to generating e-invoice under GST along with benefits. On 37th GST Council Meeting, FM has approved the E-invoice system for traders for gold jewelers having a turnover below INR 500 crores. The main aim of this discussion will be to rein fake invoicing and revenue loss.

Thomas Isaac, Kerala FM said that “We will discuss lowering the e-invoice threshold for the gold and jewelry trade at our next meeting,”. He is also a part of the GoM set up for the gems and jewelry trade. Finance Ministers of Gujarat, Punjab, and Bihar are also members of the GoM and a meeting is expected in the next month.

Isaac further added in his statement that “state governments should be able to track all the transactions done by gems and jewelry 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”.

Proposals like Intrastate GST E-Way bill Get to know about GST E Way bill and its generating process through online and SMS in a simple manner. Also, we have attached original screenshots of official E way bill portal for better understanding for gold along with GST at a 3% rate on the purchase of old gold from an unregistered dealer under the reverse charge mechanism are some of the Other proposals that were discussed in last week’s meeting. At the present time trade on security grounds is exempted from the e-way bill for interstate or intrastate movement.

As per the report of the World Gold Council, in the year 2019 gross bullion imports were 827.4 tonnes and it was 871.7 tonnes in 2018. A total of 14.1 tonnes of bullion was imported by India in the June quarter thus it fell down 95% from the year-ago quarter as observed by the reports of the June quarter.