Home Business GST Council: ये प्रोडक्ट बनाने वाली कम्पनी को लेकर बदला नियम, नहीं...

GST Council: ये प्रोडक्ट बनाने वाली कम्पनी को लेकर बदला नियम, नहीं किया यह काम तो 1 अप्रैल से लगेगा 1 लाख जुर्माना

There has been a change in the rules for companies manufacturing tobacco, gutkha and pan masala products. If the manufacturers of these products do not register their packing machines with the Goods and Services Tax (GST) authorities from April 1, they will have to pay a fine of up to Rs 1 lakh. Amendments have been made in the Finance Bill 2024 to prevent revenue leakage in the tobacco industry.

Fine of Rs 1 lakh from April 1

A fine of ₹1 lakh will be imposed for each unregistered machine. Non-compliant machines may be confiscated in some situations. The GST Council had last year recommended a special process for registering machines used by tobacco manufacturers. Details of existing and newly installed machines, including their packing capacity, will have to be given in Form GST SRM-I. However, no penalty has been announced for failing to do so.

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Earlier there was no provision for fine

Revenue Secretary Sanjay Malhotra said the GST Council had earlier decided to register machines used in pan masala, gutkha and similar products to monitor their production capacity. “However, there was no penalty if they failed to register. So, the council decided that there should be some penalty. So in the Finance Bill you will see a fine of up to Rs 1 lakh for not registering the machines,” he said. gets.”

The council had approved the panel report

In February last year, the GST Council had approved the report of a panel of state finance ministers on curbing tax evasion in the pan masala and gutkha industries. The GoM had recommended that the system of levying compensation cess on pan masala and chewing tobacco products be changed from ad valorem to a specific rate-based levy to boost the collection of the first phase of revenue.

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