.Representative imageNew Delhi: The authorities has advised Oct 1 as the day for implementation of the charge regulation for makers of pot masala and comparable tobacco items, if they fail to register their packaging machines with GST authorities. The GST System possessed earlier in Might and June alerted two forms GST SRM-I and also II for signing up equipments utilized by such makers and also to report inputs procured and also corresponding outputs with tax authorities. The Central Panel of Indirect Taxes and also Custom-mades (CBIC) on August 6 notified Oct 1, 2024, as the time for levy of approximately Rs 1 lakh fine for failure to enroll their packaging equipments with GST authorities. In January, the Central Panel of Indirect Income Taxes and also Personalizeds (CBIC) had announced the introduction of a brand new sign up as well as month to month gain submission method to enhance GST compliance for producers of pan masala and also cigarette products reliable April 1. The day was actually later expanded till Might 15. The transfer to revamp the registration, record-keeping, and also monthly submitting of such companies was actually intended for enhancing Product and also Company Tax (GST) conformity for manufacturers of pot masala as well as cigarette products. Via the Finance Bill 2024 in February, the GST law was actually changed to state that producers of pot masala, gutkha as well as similar cigarette products will must pay out a fine of as much as Rs 1 lakh, if they stop working to enroll their packing equipment along with GST authorities along with impact from April 1. The technique was to become applicable for manufacturers of pan-masala, unmanufactured cigarette (without lime pipe) with or even without trademark name, 'Hookah' or even 'gudaku' tobacco, cigarette smoking combinations for pipes and also cigarettes, eating tobacco (without lime pipe), filter khaini, jarda scented tobacco, snuff as well as branded or even unbranded 'Gutkha', etc. The producers of such cigarette products are actually required to outfit the details of packing machines being made use of for filling and packaging of packages in Form GST SRM-I, online within thirty day of the notice entering into effect i.e., April 1, 2024. The input and also result statement GST SRM-II needs to be filed by the 10th of the prospering month.
Released On Aug 7, 2024 at 12:44 PM IST.
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