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Kerala Govt to Find Ways of Curbing GST Evasion on Gold

Kerala Govt of Curbing GST Evasion on Gold

Kerala Finance Minister Thomas Issac is currently on a mission to stop tax evasion on Gold. Gold is one of the most sought after items in South districts and therefore has a peek sales. So naturally, the GST fraud in the sector would lead to a huge loss in the state’s tax revenue. To curb tax evasion Tax officials have been directed to augment their inspection of tax evasion through the help of Artificial Intelligence and Data Analytics in order to stop in the gold sector the state government has made electronic legal permits mandatory for transportation of precious metals.

The council including influentials such as Bihar deputy CM Sushil Kumar Modi met in New Delhi. The council discussed the matter to curb tax evasion in the gold sector and asked for suggestions from companies that import gold as well as the IT Department. The meeting is a result of a sudden commendable fall in the GST collection which was supposed to get acquired from the gold sector in Kerala. This gave rise to the curiosity of the state government. Earlier, gold supply required no e-way bill but now the government is trying to find out if they can adopt any policy like the e-way bill on the supply of Gold.

Kerala, being the prime consumer of gold, is able to collect Rs. 600 crore before GST entered the scenario. After the commencement of GST, the gold collections went steep down leaving the administration doubtful of the unscrupulous jewellers. The state administration is now on a mission to find out the tax evasion in the gold industry via data collected from various sources.

Another committee of ministers led by Sushil Modi discussed on various channels that can be used to settle un-appropriate taxes on inter-state supplies. This seven-member panel is also exploring the ways to sort out concerns raised by Tamil Nadu, Puducherry, Punjab, and Delhi in settling this amount. The main GST panel will soon be discussing the issues suggested by the local ministerial council. GST council meeting is estimated to be held after the Union Budget presentation i.e. 1 February. The Council would discuss fixing the loopholes in GST and increase revenue collections Finally, a rise in Goods & Service Tax (GST) collection in the month of November to INR 1.03 lakh crore has brought good news for GST officials.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Priya Nawani (Ex-Employee)
A workaholic by nature, Priya, likes to explore new things and is passionate about writing. She is a happy go lucky person and loves to chat. Being an internet freak, she likes to research over different topics and Pen them down with her own twist. Posted as a Content Writer at SAG Infotech, currently, she is into writing tax-related content with the aim to keep the viewers updated with the stirs of GST governance and amendments in tax laws. View more posts
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