GSTN Advisory No. 500 Dated 7th June 2024
The Goods and Services Tax Network (GSTN) has announced an important update through its Advisory No. 500, dated June 7, 2024. This advisory informs manufacturers of Pan Masala and Tobacco products about the availability of Form SRM-II. This form is essential for reporting the inputs and outputs procured and consumed during a specific month.
According to Notification No. 04/2024 – Central Tax, dated January 5, 2024, manufacturers dealing with Pan Masala and Tobacco must submit specific information. The notification introduced two forms: GST SRM-I and GST SRM-II.
GST SRM-I and GST SRM-II Overview:
GST SRM-I: This form is designed for the registration and disposal of machines used in manufacturing. It became available on the GSTN portal on May 15, 2024. Taxpayers have been using GST SRM-I to register their machines and provide other required information.
GST SRM-II: This newly available form focuses on the monthly reporting of inputs and outputs. Manufacturers can now report the details of materials procured and consumed during the relevant month using this form.
Manufacturers of Pan Masala and Tobacco products should promptly utilize Form GST SRM-II to ensure compliance with the updated GST reporting requirements. This form is now accessible on the GSTN portal, streamlining the process of maintaining accurate records of inputs and outputs.
For more detailed information, refer to the official GSTN Advisory No. 500 and Notification No. 04/2024 – Central Tax. Ensure you stay compliant by regularly updating your records as per the new requirements.
Also Read: GSTN Update 497: New Facility to Register Machines by Pan Masala & Tobacco Manufacturers
To Access the GSTN official Advisory 500 in the portal CLICK HERE
To Refer the Notification No. 4/2024 CLICK HERE
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