GoM approves e-way bill for intra-state gold movement
The Group of Finance Ministers has approved bringing the intra-state movement of gold within the ambit of the e-Way bill. However, the panel of ministers has left the final decision to introduce it or not to the individual states as they would be the correct authority to take a call regarding this.
What is an e-Way Bill?
This is kind of an electronic challan which shows that tax has been fully paid before goods are moved from one place to other, within the state (intra-state) or outside the state (inter-state). This is required for carrying any consignment of goods of value exceeding Rs 50000. The threshold of value of goods decided can be higher for intra-state activities. The e-Way bill is generated from the GST Common Portal for this bill by the registered persons or transporters who cause movement of goods before the commencement of such movement.
Coming to the e-way bill, it has two parts – Part A and Part B. Part A has invoice details whereas Part B is about the vehicle details such as registration, number, etc. Such details might create a security issue and that is why gold and precious stones were kept outside the ambit of the e-Way bill.
What is the GST Council?
This is the governing body for the Goods and Services Tax administration in the country. This council has 33 members with 2 from the centre and the rest from the states and the UTs with a legislative structure. The Union Finance Minister is the chairperson of the GST Council. This is responsible for any kind of changes or revision or enactment of rule or any rate changes of the goods and services in India.
What is Goods and Services Tax Network?
Developed by Infosys Technologies, this provides the computing resources maintained by the National Informatics Centre. This is basically a non-profit organization formed for creating a network accessible to the stakeholders, government and taxpayers to get information from a single source. The authorized capital of the network is Rs 10 crores.
Category: Economy & Banking Current Affairs