GST council in its 2-day meeting, starting today, is likely to consider the report of the panel of state finance ministers on the feasibility of implementation of e-way bill requirement for the movement of gold and precious stones.

"There will be a minimum threshold of ₹2 Lakh, and the states can decide any amount including or above this amount as minimum threshold for generations of e-way bill for intra-state movement of gold/precious stones in their state," the GoM said in its report.

Currently, businesses with a turnover of over ₹50 crore have to mandatorily generate e-invoices for B2B transactions. However, the condition does not apply to gold and precious stones. 

Further, the Council, chaired by the Union Finance Minister and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a GoM on high-risk taxpayers under GST to curb evasion.

The two-day meet has a lot on its plate: exemptions on goods and services, rejig of some rates, bringing online gaming casinos and horse racing under single 28 per cent tax bracket. 

The GST collections over the last few months have risen but the increase has come after a long duration of setbacks, especially due to the slowdown created by the pandemic.