The goods and services tax network (GSTN) has rolled out a new form for pan masala and tobacco manufacturers to report details of their inputs and outputs.
The form, GST SRM-II, comes a month after the introduction of GST SRM-I, used to register packing machines in the industry. The twin approach aims to hold manufacturers accountable throughout the production process.
"The second form namely Form GST SRM-II is also available on the portal," said the GSTN. "Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed."
Experts emphasise the importance of meticulous record-keeping. "This form aims to enhance transparency and accountability in the manufacturing process of pan masala and tobacco products," said Moore Singhi executive director Rajat Mohan.
"Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accurate tax filings."
This initiative follows the Central Board of Indirect Taxes and Customs' (CBIC) announcement in January 2024. It introduced a revamped registration process and stricter record-keeping requirements for pan masala and tobacco manufacturers effective May 15.