Gold movement may come under e-way bill tracker.

The GST council may impose the movement of gold and precious stones within a state under the e-way bill tracking system.This will help to track the movement of gold which could aid in finding tax evasions and smuggling.

As inflation going up gold is considered as a safe investment during these periods which could also lead to more smuggling of gold.

As the proposal from the panel empowers the states to decide on imposing the rule. They also suggested setting a minimum threshold value of ₹2 lakh for generating such e-way bills. At present e-way bill is required for interstate transport of goods valued over ₹50,000 except gold.

There are other suggessions which mandates e-invoicing for tax payers supplying gold and precious stones who have an annual turnover of ₹20 crore or more for b2b transactions.

It also include levying GST on a reverse charge mechanism basis on the purchase of old gold by registered dealers and jewellers from unregisteree persons.

This report was considered in response to the concerns by different states with respect to the security of gold and precious stones as well as of persons carrying such consignments.