The Union Finance Minister Nirmala Sitaraman presided over the 50th meeting of the GST Council on 11th July 2023 at Vigyan Bhawan in New Delhi including Revenue Secretary, CBIC chairman.
In accordance with the recommendations of Group of Ministers (GoM) on implementation of E-way bill requirement for movement of Gold/ Precious stones under chapter 71, the Council has recommended to insert rule 138F in Central Goods and Services Tax Rules, 2017, as well as in State Goods and Services Tax Rules, 2017 of the States, who want to mandate the requirement of generation of e-way bills for intra-State movement of gold and precious stones under Chapter 71 within their States.
Also read: GST Due Date Extensions as per Council Recommendations
According to the council, any state who wants to mandate the requirement of e-way bills for the intra-State movement of gold and precious stones under Chapter 71 within their States can do the same. Thus, the council has recommended inserting a new rule. It is with the option of the states.
An e-way bill is a digital document required for the movement of goods under the Goods and Services Tax (GST) system. It is an electronic record that must be generated and carried by businesses when transporting goods valued above a specified threshold.
According to the government, the e-way bill created greater transparency in the movement of goods. In order to strengthen One Nation, One Market, the e-way bill was introduced at the state level from April 1st 2018. And, then from June 16, 2018, for the entire country.
According to the reports, 325 crores e way bills were generated till June 2023. In 2018-19, 55.78 crores; 2019-20, 62.88 were generated. In 2020-21, 61.68 crore and 77.39 crores e-way bills were generated in 2021-22.
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