Job work as the name states is a very crucial term under the GST services. Job work under GST is defined under section 2(68) of the CGST Act,2017. It states “Any treatment or process undertaken by a person or goods belonging to another registered person”. Any person who does the said job is known as a job worker.
Understanding form GST ITC-04
GST ITC-04 is a form that contains all the details about capital goods sent to or received back from a job worker. This form is meant to be filled up quarterly by the registered manufacturer or Principal, sending the goods to the job worker. This whole process of sending capital goods to the job worker is carried by issuing the challans.
Challans are issued by the job worker directly or from one job worker to another. The challan that is issued by the principal to the job worker is simple, whereas the challan between job worker and job worker has to be sent through a chain.
Components of Form ITC-04 GST
The Form GST ITC-04 has various components starting from the basic details of the manufacturer.
Basic details of manufacturer
GSTIN: The basic details include the GSTIN of the registered manufacturer.
Name of Trade and Trader: It includes the registered names of trade and traders.
Period: As the filing is done quarterly, one must mention the quarter of the financialyear.
Details of the capital goods sent for job work
This part contains the details such as challan number and challan date, description of goods, quantity, taxable value, types of goods, tax rate, etc.
Details of input from job work
This part contains the details of capital that are received from job work. This also contains details of challan number, GSTIN, UQC, quantity, and nature of job done.
How to file ITC 04?
Knowing the consequences of late filing of ITC-04
The last day of filing the ITC-04 is assigned as the 25th day of the month following the quarter for which the filing is being done. The due date of GST ITC-04 can be extended by the commissioner through a notice. There is no penalty for late filing.
