The state government’s tax revenue from gold sales declined under the GST regime, Finance Minister K N Balagopal told the assembly on Tuesday. The tax rate on gold came down from 5% under the VAT regime to 3% under the GST. The state government will get only half of the revenue and the rest will go to the Union government, he said.

The minister informed the assembly that the GST Council has allowed the state government to implement the e-way bill system for intra-state transportation of gold. The government is taking steps for its implementation. Consignments above Rs 2 lakh will be brought under its ambit. Besides the e-way bill, the government is planning software-based programmes for plugging tax evasion.

Source: The New Indian Express