📣 Attention all pan masala and gutkha manufacturers! 🏭 The GST portal has launched a new form for registering your machines. 🖥️ This is part of the government’s measures to reduce evasion in this sector. 💰

The GST portal has already issued Form GST SRM-I for this purpose, and Form GST SRM-II will be available shortly. 📄 These forms deal with the registration and disposal of machines, as well as information on inputs and outputs during a month. 🔄

This move follows a decision by the GST Council and the Central Board of Indirect Taxes and Customs earlier this year to introduce a special procedure for registering packing machines and filing returns. 📑

Manufacturers are expected to furnish the details of their packing machines on the GST portal within 30 days of the notification coming into effect, that is, by April 1, 2024. ⏰ The deadline was later extended to May 15. 🗓️

To ensure compliance, the Finance Act, 2024 has introduced a penalty. Manufacturers who do not register their packing machines with GST authorities will face a fine of Rs 1 lakh per machine, and the machine could also be confiscated by the GST department.

🚨 The penalty provision is yet to be notified. 📢 Stay compliant and stay tuned for more updates! 📲 #GST #TaxCompliance #PanMasala #Gutkha #India