GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities
GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers.
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«The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month,» GSTN said in an update to its taxpayers on June 7.
Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs.
«This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accurate tax filings,» Mohan said.
Taxpayers are advised to familiarise themselves with the details and instructions provided in these forms to ensure seamless compliance and avoid any potential penalties, he added.
In January, the Central Board of Indirect Taxes and Customs (CBIC) announced the introduction of a new registration and monthly return
