Central GST Act: Companies will have to fill the details of their entire machinery in GST SRM-I form. This will make it easier to monitor the production capacity of companies.
Central GST Act: Strict action has been taken against Pan Masala, Gutkha and other tobacco manufacturing companies across the country. Actually, they will have to get their entire packing machinery registered with the GST authority. If they do not do so, then under the new rules they can be fined up to Rs 1 lakh.
Changes made in Central GST Act
According to GST officials, all producers have to submit information about their machinery to the local authority by April 1, 2024. This step has been taken with the aim of increasing the revenue in the tobacco manufacturing sector. He said that this change has been made in the Central GST Act after the recent amendment of The Finance Bill, 2024.
Action can be taken up to seizing machinery
All tobacco manufacturing companies have been informed about this. According to the information, companies will have to give details of all the machines they have, their packing capacity, how many machines they have at present and how many are to come in the future. If tobacco manufacturing companies fail to do so, under the new rules, action can be taken up to confiscation of their machinery.
The report was prepared, the exercise went on for a long time
According to the information, companies will have to fill the details of their entire machinery in the GST SRM-I form. This will make it easier to monitor the production capacity of companies. Earlier there was no provision for fine. Due to which companies take advantage of this and steal GST. To stop this tax evasion, the GST Council had prepared a report. To stop tax evasion, this report of a panel of all the finance ministers of the state was approved. Only after this the government has amended the Finance Bill.
