The National Informatics Center (NIC) posted an update on the e-way bill webpage on September 12, 2022, about the creation of e-way bills for the transportation of gold, gold jewelry, and precious stones.
According to the GST Council, an e-way bill is required for all Interstate and Intrastate transactions involving gold that fall within HSN Chapter 71.
According to the notification released by their states, taxpayers in a state may make an e-way bill for gold. A separate window on the main menu may be used to produce an e-way bill for gold.
To input, the Part-A details, browse from the dashboard to the tab ‘e-way bill’ on the left-hand side of the dashboard and click on ‘EWB for Gold.’ It displays the ‘e-way bill for gold input form,’ where the user must enter the invoice date, and sender and receiver addresses.
The parameters for creating an e-way bill for gold are the same as for any other e-way bill. However, taxpayers are not required to update their e-way invoices with the Part-B vehicle/transporter data. Such an exception is granted for safety grounds.
Furthermore, the validity of the e-way bill for gold is calculated based on the pin-to-pin distance. The system evaluates the distance between the origin and the destination based on the PIN entered at each address.
The taxpayer who generates an e-way bill for gold must ensure that all of the products specified in the invoice fall within HSN Chapter 71. Assume that things fall under any other HSN chapter in addition to HSN chapter 71. In such a situation, such an e-way bill will be considered a standard e-way bill and can be created with the Part-B information.
The possibilities for canceling and rejecting the e-way bill remain available for the movement of gold. As a result, the following adjustments have been made to the functionality of e-way bills created for the transfer of gold-backed securities.
Part-B information cannot be modified by default.
No transporter updates are permitted.
There is no possibility to produce a consolidated e-way bill.
The validity of the e-way bill may be extended without the requirement to update Part B.
There is no option for several vehicles.
The preceding GST Council meeting, held in June 2022, ordered the use of an e-way bill to transfer gold and precious stones within states. The states might set the threshold limit for this reason by state notifications. However, the Group of Ministers (GoM) appointed to explore the topic proposed that the maximum be set at Rs.2 lakh and more.
The Central Board of Indirect Taxes and Customs has yet to issue a notice to remove Chapter 71 from the list of exemptions (CBIC).