GST Council to Finalize Rules for Gold and Precious Stone Transportation
★The GST Council is set to finalize rules next week for transporting gold and precious stones worth ₹2 lakh or more by merchants.
★The proposed rules will allow states to monitor the movement of these items and prevent tax leakages.
★States will have the authority to mandate GST-registered entities to report the movement of gold and precious stones within the state by generating e-way bills or electronic permits.
★The rule changes will be considered at the GST Council meeting on Tuesday.
Efforts to Prevent Tax Evasion and Informal Transactions
★The move to oversee the movement of gold and precious stones aims to address off-the-books transactions and tax evasion in this sector.
★The central government has already set a maximum limit of ₹2 lakh on cash acceptance in a single day as part of efforts to formalize the economy and reduce cash usage.
★The introduction of e-way bills for gold transportation will help create an audit trail and prevent tax evasion.
Other Legislative Changes to Prevent Revenue Leakage
★The GST Council meeting will also consider legislative changes to prevent revenue leakage in evasion-prone sectors such as pan masala.
★Pan masala producers may be required to register their machines and capacity in the GST portal to monitor their output.
★They may also be required to provide quick response (QR) codes on packages to give details of the factory and other information.
Clarifications on Tax Collected at Source (TCS) Liability
★The Council will also issue clarifications on TCS liability on e-commerce transactions involving multiple operators.
★This clarification is significant in light of the government’s initiative to democratize digital commerce through the Open Network for Digital Commerce (ONDC).
GST Council Meeting Aims to Streamline Framework and Improve Efficiency
★The 50th GST Council meeting will focus on streamlining the GST framework and building on recent efficiency improvements.
★The Council aims to reconstitute certain ministerial groups, particularly those examining the need for tax rate increases.
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