GSTN Notifies Form SRM-I and SRM-II for Information from Manufacturers of Pan Masala & Tobacco.
GSTN Update 497: In a recent update, the Goods and Services Tax Network (GSTN) has introduced new compliance measures for manufacturers of pan masala and tobacco. According to Notification No. 497 dated May 16, 2024, two new forms have been announced for filing essential information by these taxpayers.
The government’s earlier Notification No. 04/2024 – Central Tax, dated January 5, 2024, sought detailed information from taxpayers involved in the production of pan masala and tobacco. The recent notification introduces Forms GST SRM-I and GST SRM-II. Form GST SRM-I is designated for the registration and disposal of machines used in the manufacturing process, while Form GST SRM-II requires monthly data on inputs and outputs.
Manufacturers can now utilize the GST Portal to register their machines by submitting Form GST SRM-I. This facility aims to streamline the compliance process for businesses in the pan masala and tobacco sectors. The availability of Form GST SRM-II on the GST Portal will follow shortly, enabling manufacturers to report their production details monthly.
All businesses dealing in pan masala and tobacco are encouraged to use this new facility to ensure compliance with the latest GST regulations.
To Access the related Notification of GSTN CLICK HERE
Also Read: GST Registration Challenges for MSMEs Flagged by Tamil Nadu Chamber of Commerce & FISME
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