Form GST SRM I, II, and III is mandatory from May 15, 2024!

On 10th April 2024, CBIC issued Notification No. 08/2024 - Central Tax announcing the extension of the timeline for implementation relating to the special procedures to be followed by a registered person engaged in the manufacturing of certain goods. This special procedure is mentioned in Notification No. 04/2024- Central Tax dated 05th January 2024. The implementation was extended from 01st April 2024 to 15th May 2024.

Let's understand the procedure in detail!

Notification No. 04/2024- Central Tax dated 05th January, 2024

As per Notification No. 04/2024- Central Tax dated 05th January 2024, all the registered persons engaged in manufacturing the goods mentioned in Schedule to this notification shall furnish the details of packing machines being used for filling and packing of packages in FORM GST SRM-I, electronically on the common portal, within thirty days of coming into effect of this notification.

Following are the due dates for filing FORM GST SRM-I in different cases:

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Also, the registered person shall submit a special statement for each month in FORM GST SRM-II, electronically on the common portal, on or before the 10th day of the month succeeding such month. In addition to the above forms, the taxpayer shall upload a certificate of Chartered Engineer FORM GST SRM-III in respect of machines declared by him, as per para 1 of this notification, in Table 6 of FORM GST SRM-I. Following is the list of goods as per the Schedule to this notification.

If a registered person is engaged in manufacturing the goods mentioned in the below list should file FORM GST SRM- I , II, and III.

SCHEDULE

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Formats for FORM GST SRM-I, II, and III:

FORM SRM-I

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FORM SRM-II

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FORM SRM-III

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Notification No. 08/2024 - Central Tax dated 10th April, 2024

Notification No. 08/2024 - Central Tax

S.O. 1663(E).- In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 04 /2024-Central Tax, dated the 5th January, 2024 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 85(E), dated the 5th January 2024, namely: -

In the said notification, in para 4, for the words and letters "1st day of April 2024", the words and letters "15th day of May 2024" shall be substituted.

2. This notification shall come into force from the 1st day of April 2024.

[F. No. CBIC-20001/7/2023-GST]

Conclusion

The taxpayers manufacturing certain goods are now required to file FORM GST SRM- I, II, and III. These forms will be implemented w.e.f. 15th May, 2024. Taxpayers shall ensure timely compliance of the same.

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