THIRUVANANTHAPURAM: The GST Council meeting on Tuesday gave sanction to issue the order making e-way bill mandatory for intra-state transportation of gold, gold jewellery and precious stones, Finance Minister K N Balagopal told media persons in Delhi.
The minister said the states can decide the threshold above which electronic bill is to be made mandatory. However, it cannot be below Rs 2 lakh.
Balagopal said the decision would bring more transparency and fair practices in the gold trade in Kerala. Kerala accounts for twenty-five per cent of gold imports to the country. But the sector is witnessing big evasion and the government is denied its due share of taxes.
“Government will support law-abiding traders. The new decision will affect traders indulging in unfair practices. Kerala’s gold trade sector will see a big change with the reform,” he said.
Tribunals
Two GST tribunals have been sanctioned for Kerala at the council meeting, the minister said. The two-member benches will be set up in Thiruvananthapuram and Ernakulam. Each bench comprises one judicial member and a technical member. In future, the benches would have four members each. “Complaints since the start of the GST regime are pending adjudication.
This is the first time that GST payers are getting a facility for judicial remedy. The government will now begin efforts to select tribunal members,” he said. Kerala made a demand at the council to extend the GST compensation period, the minister said.
“The GST revenue of the state saw a significant rise in recent months. Still, it is insufficient when compared to the tax revenue during the VAT regime,” he said. The minister said the council's decision to levy 28 per cent GST on online gaming, horse racing and casinos on full value was favourable to the state.
'Return to old pension system still under consideration'
The minister said the government has not gone back on its promise to reinstate the old pension scheme. Responding to a question, the minister said Kerala will continue discussions in this regard.
“Government has a clear vision on the matter. The Central government is not giving support to implement it,” he said. He said that the states which had declared a return to the old scheme could not take any step in that regard. They did not get the money deposited in the NPS fund, he said.