GST Network Introduces New Compliance Forms for Pan Masala, Tobacco Manufacturers

The GST Network (GSTN) has launched new forms, GST SRM-I and GST SRM-II, for pan masala and tobacco product manufacturers to report their inputs and outputs monthly. This initiative aims to enhance transparency, accountability, and GST compliance. Taxpayers are advised to understand the new requirements to avoid penalties.


PTI | New Delhi | Updated: 08-06-2024 13:12 IST | Created: 08-06-2024 13:12 IST
GST Network Introduces New Compliance Forms for Pan Masala, Tobacco Manufacturers
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The GST Network (GSTN) has introduced specialized forms for pan masala and tobacco product manufacturers to streamline input and output reporting, thereby enhancing tax compliance and transparency.

One such form, GST SRM-II, follows the launch of GST SRM-I, targeting detailed monthly reporting of inputs and outputs. The initiative debuted on June 7, according to updates by GSTN.

According to Moore Singhi Executive Director Rajat Mohan, the new form aims to bolster accountability within the manufacturing process. Manufacturers must accurately document procurement and consumption of inputs to ensure precise tax filings and avoid discrepancies.

Taxpayers are advised to thoroughly familiarize themselves with the new requirements to maintain seamless compliance and prevent potential penalties.

In line with enhancing the GST framework, the Central Board of Indirect Taxes and Customs (CBIC) updated registration and return filing procedures for these manufacturers, with full effect slated from April 1, 2024.

Manufacturers failing to register their packing machinery with GST authorities may face penalties up to Rs 1 lakh, as per the amended GST law in the Finance Bill 2024, although this provision is yet to be notified.

The procedures are applicable to various tobacco product manufacturers, including pan masala, unmanufactured tobacco, Hookah tobacco, and other related products.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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