What is ITC 04 in GST?
Form GST ITC-04 is a declaration form to be furnished by registered persons (Principal), showing the details of inputs or capital goods dispatched to or received from a job worker in an applicable tax period.
Since the ITC-04 is a quarterly form, it must be given on or before the 25th day of the month following the quarter.03-Jun-2022
Is ITC 04 mandatory?
Requirement of filing FORM GST ITC-04 under rule 45 (3) of the CGST Rules has been relaxed as taxpayers whose annual aggregate turnover in preceding financial year is above Rs. 5 crores shall furnish ITC-04 once in six months and taxpayers whose annual aggregate turnover in preceding financial year is upto Rs.25-Sept-2021
A registered manufacturer or a principal is required to file a declaration in Form GST ITC-04 in case of job work. It is filed once in every quarter in the following cases if the manufacturer: Sends inputs or capital goods on job work and/or receives it back. Sends inputs or capital goods to another job worker.29-Jun-2021
Can we file ITC 04 after due date?
Accordingly, it is clarified that the due date of furnishing of FORM GST ITC-04 for the quarter ending March, 2020 stands extended up to 30.06. 2020. No further extension is given by CBIC for the above period. If GST portal is allowing you to file ITC-04 for financial year 2019-20, it can be filed.
Form GSTR-4 (Annual Return) is a yearly return to be filed once, for each financial year, by the taxpayers who have opted for composition scheme during the financial year, or were in Composition scheme for any period during the said financial year, from 1st April, 2019 onwards.
What happens if ITC 04 not filed?
What is the penalty/late fees for ITC 04? There is no specific penalty or late fees prescribed for the delay in filing GST ITC 04. Note: As per section 125, a general penalty of up to Rs 25,000/- can be levied for contravention of provisions of Act and Rules made thereunder.03-Mar-2022
GST ITC 04 Form has to be filed every quarter by the manufacturer (Principal). If we talk about the penalty for late filing of ITC-04 in what is itc 04GST and late fee for ITC 04 then at present, there is no late filing penalty on the filing of GST ITC 04 in GST form after the due date.02-Jul-2022
What is nature of job work in ITC 04?
What is Job Work & Form ITC 04? As per section 2(68) of the Central Goods and Service Tax (CGST) Act, 2017 job work means “any treatment or process undertaken by a person on goods belonging to another registered person.”
So, always use the latest version available on the GST Portal.
What is the GST rate for job-work?
12%
The GST Act makes special provisions with regard to removal of goods for job-work and receiving back the goods after processing from the job worker without payment of GST. The benefit of these provisions shall be available both to the principal and the job worker.
What is form GST ITC 03?
Form GST ITC-03 is to be filled up by those taxpayers who opts for composition scheme or where goods or services or both supplied by taxpayer becomes wholly exempt.
Rs. 1.5 crores
What is the maximum late fee for Gstr 4?
According to GST law, Rs 50 per day is charged as late fee for delay in filing GSTR-4. However, where the total amount of tax payable is nil, a maximum of Rs 500 can be imposed as late fee. GSTR-4 is filed annually by the taxpayers registered under the composition scheme.26-May-2022
No, GSTR4 cannot be revised. The details which have been entered incorrectly can be amended in the next period GSTR-4 return. GSTR4 provides for amendment of the details furnished in previous tax periods.
Is ITC available for job work?
The Principal or the registered person can claim ITC on inputs or capital goods sent to a job worker for Job Work. Furthermore, the Principal can also claim ITC if such inputs or capital goods are sent to the job worker for job work without being first brought to the place of business of the Principal.24-Mar-2020
1. What happens if I don't file GST returns? If you don't file the GST returns that are required to be filed under the law, then late fees will apply for every day of default that occurs. Further, if there is any tax due, then interest will apply at the rate of 18% per annum on the tax liability.28-Mar-2022
Is job work under RCM?
In simple words, if the job worker is not a registered person, then on the amount charged by him towards job work charges, principal needs to pay tax under RCM.
Just like any return, irrespective of the fact whether NIL or tax paid. ITC 04 can't be filed if the same does not contain any records. Wait as the functionality for filing of Nil return is under process.16-Jan-2018
Is GST 12% or 18 %?
The GST rates of 5%, 12%, 18% and 28% on goods, were affecting consumers with several pros and cons on services. However, services such as healthcare and educational services were excluded from GST. The passed GST rates slabs from the GST council consists of NIL, 5%, 12%, 18%, 28% rates on different services.22-Jul-2022
What is ITC 04 in GST?