According to a report by The Hindu Business Line on May 17th, the Goods and Services Tax (GST) portal in India has developed a form for pan masala and tobacco manufacturers to register their machinery and report their monthly input and output to curb tax evasion.
According to the recommendations of the GST Council, the government issued a notification in January seeking information from taxpayers involved in the sale of Pan masala and tobacco products. As a result, two forms were released - GST SRM-I and GST SRM-II. The former pertains to registration and processing of machinery, while the latter requires the submission of input and output information for the month. The system, originally scheduled to be implemented on April 1st, was later postponed to May 15th.
The new regulations will apply to manufacturers of Pan masala, unprocessed tobacco (without lime pipe), 'Hookah' or 'gudaku' tobacco, tobacco mixtures for pipes and cigarettes, chewing tobacco (without lime pipe), and snuff. All individuals registered to manufacture the above-mentioned goods must provide detailed information on filling and packaging machines within 30 days of the new regulations coming into effect on May 15, 2024. Any filling and packaging machines added at registered business locations must be reported within 24 hours of installation.
In addition, there will be a specific report to be submitted by the 10th of each month for the following month. For example, the report for June should be submitted by July 10th.
The Financial Act of 2024 has amended the GST Act, stipulating that manufacturers of products like Pan masala who fail to register their packaging machinery with the GST authorities will be required to pay a fine of up to 100,000 rupees (1,199 USD).
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