New Delhi, GST Network (GSTN) has issued a special form for manufacturers of pan masala and tobacco products to report purchased inputs and outputs to the tax authorities to prevent evasion.
This new Form GST SRM-II came within a month of GSTN issuing GST SRM-I to register machines of such manufacturers.
"A second form called Form GST SRM-II is also available on the portal. Taxpayers engaged in the manufacturing of pan masala and tobacco products can now submit details of inputs and outputs purchased and consumed for the respective month," GSTN said in a statement. Can report." Update to your taxpayers on June 7.Rajat Mohan, executive director, Moore Singhi, said the newly available form GST SRM-II requires detailed monthly reporting of inputs and outputs.
Mohan said, “This form aims to increase transparency and accountability in the manufacturing process of pan masala and tobacco products. Taxpayers should carefully document their purchases and consumption of inputs to avoid any discrepancies and ensure accurate tax filing "
He said, taxpayers are advised to familiarize themselves with the details and instructions given in these forms to ensure seamless compliance and avoid any possible penalties.
In January, the Central Board of Indirect Taxes and Customs (CBIC) announced the launch of a new registration and monthly return filing process for manufacturers of pan masala and tobacco products from April 1 to improve GST compliance.Later the date was extended to May 15. ,
The move to overhaul the registration, record-keeping and monthly filings of such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products.
The GST law was also amended through the Finance Bill 2024, which states that manufacturers of pan masala, gutkha and similar tobacco products will have to pay a fine of up to Rs 1 lakh if they do not register their packing machinery with the GST authorities. Fail to register. 1 April.
However, this penalty provision has not been notified yet.
This procedure was to be applicable to manufacturers of pan-masala, with or without brand name, 'hookah' or 'gudaku' tobacco, smoking mixtures for pipes and cigarettes, chewing tobacco (without lime tube)., Filter Khaini, Jarda Scented Tobacco, Snuff and branded or unbranded 'Gutkha' etc.
Manufacturers of such tobacco products were required to furnish details of packing machines used for filling and packing the packages electronically in Form GST SRM-I within 30 days of the coming into force of the notification i.e. April 1, 2024.
Input and Output Statement GST SRM-II was to be filed by 10th of the next month.
This new Form GST SRM-II came within a month of GSTN issuing GST SRM-I to register machines of such manufacturers.
"A second form called Form GST SRM-II is also available on the portal. Taxpayers engaged in the manufacturing of pan masala and tobacco products can now submit details of inputs and outputs purchased and consumed for the respective month," GSTN said in a statement. Can report." Update to your taxpayers on June 7.Rajat Mohan, executive director, Moore Singhi, said the newly available form GST SRM-II requires detailed monthly reporting of inputs and outputs.
Mohan said, “This form aims to increase transparency and accountability in the manufacturing process of pan masala and tobacco products. Taxpayers should carefully document their purchases and consumption of inputs to avoid any discrepancies and ensure accurate tax filing "
He said, taxpayers are advised to familiarize themselves with the details and instructions given in these forms to ensure seamless compliance and avoid any possible penalties.
In January, the Central Board of Indirect Taxes and Customs (CBIC) announced the launch of a new registration and monthly return filing process for manufacturers of pan masala and tobacco products from April 1 to improve GST compliance.Later the date was extended to May 15. ,
The move to overhaul the registration, record-keeping and monthly filings of such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products.
The GST law was also amended through the Finance Bill 2024, which states that manufacturers of pan masala, gutkha and similar tobacco products will have to pay a fine of up to Rs 1 lakh if they do not register their packing machinery with the GST authorities. Fail to register. 1 April.
However, this penalty provision has not been notified yet.
This procedure was to be applicable to manufacturers of pan-masala, with or without brand name, 'hookah' or 'gudaku' tobacco, smoking mixtures for pipes and cigarettes, chewing tobacco (without lime tube)., Filter Khaini, Jarda Scented Tobacco, Snuff and branded or unbranded 'Gutkha' etc.
Manufacturers of such tobacco products were required to furnish details of packing machines used for filling and packing the packages electronically in Form GST SRM-I within 30 days of the coming into force of the notification i.e. April 1, 2024.
Input and Output Statement GST SRM-II was to be filed by 10th of the next month.
