The ministry has formed panel which includes minister from Bihar, kerala and other states. The panel decided to take suggestions from companies that import gold and also from income tax officials. Some of the suggestions include mandatory electronic permits for transportation of the precious metal.
Previous metals does not require e-way bills right now. The panel is going to examine, if e-way bills will help to track transportation of the precious metals. The panel is examining various ways that would address state’s lower tax collection concern.
The Council is expected to hold its next meeting after the Union Budget to be presented on 1st February,2020. The Council will be more focused on fixing the loopholes in GST and increase revenue collections.
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