Finance dept roles out special procedures for manufacturing sector under GST Act


 KD NEWS SERVICESRINAGAR, Mar 15: The Finance Department has rolled out a set of special procedures to govern registered entities engaged in manufacturing activities within Jammu and Kashmir under the Goods and Services Tax (GST) Act. According to a notification the special procedures are slated to come into effect from April 1st, 2024 and the registered manufacturers will be required to adhere to specific guidelines outlined by the department. The notification, designated as S.O. 153, is empowered by section 148 of the Jammu and Kashmir Goods and Services Tax Act, 2017. As per the notification, registered manufacturers must electronically furnish details pertaining to their packing machines, utilized for filling and packaging purposes, through the designated FORM GST SRM-I. This filing must be completed within thirty days of the notification’s commencement. Furthermore, entities newly registered after the issuance of this notification must submit such details within fifteen days of registration grant. Moreover, any additions or modifications to existing packing machines installed at registered premises must be promptly reported electronically within twenty-four hours of installation. Similarly, changes in the declared capacity of machines must also be updated within the same timeframe. Upon submission of these details through FORM GST SRM-I, a unique registration number will be generated for each machine. Furthermore, manufacturers must provide information regarding the production capacity of their units or machines, if previously submitted to any other governmental department or agency, within fifteen days of filing such declaration or submission. In case of the disposal of existing packing machines from registered premises, details of such disposal must be furnished electronically within twenty-four hours. Additionally, registered entities are mandated to submit a special statement for each month in FORM GST SRM-II, electronically, by the tenth day of the subsequent month. Amendments to machine details necessitate the uploading of fresh certificates. The implementation of these procedures is set to commence from April 1st, 2024, marking a significant stride in streamlining manufacturing operations within the region—(KNO)


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