Companies in this sector got big relief
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GST Return Filing: GST by Government of India (Goods & Service Tax) to prevent theft, the process of special registration of pan masala and gutkha companies was started. This was announced by the government in January. Along with this, the government had also instructed them to file GST every month. Now, giving a big relief to the companies, the government has extended the deadline for the implementation of the special process for registration of manufacturers and filing of monthly returns till May 15. Earlier this process was to be started by the government from April 1st.
Why is the government doing this?
The Central Board of Indirect Taxes and Customs (CBIC) had earlier announced in January to implement the new registration and monthly return filing process from April 1, 2024. The move to overhaul the registration, record keeping and monthly reporting of such businesses was aimed at improving GST compliance of manufacturers of pan masala and tobacco products. The GST law was also amended through the Finance Bill 2024. It said manufacturers of pan masala, gutkha and similar tobacco products will have to pay a fine of up to Rs 1 lakh if they fail to register their packing machinery with GST authorities from April 1.
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Why was the date extended?
Through a notification, CBIC has extended the date of implementation of this special process by 45 days till May 15. Meanwhile, Moore Singhi Executive Director Rajat Mohan said that neither the GST system has issued any advisory on the new process nor any information regarding new filings has been given. As a result, the government has decided to postpone the implementation of the new process by 45 days i.e. till May 15.
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