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GST Input Tax Credit – GST ITC04 – Format, Eligibility & Rule

Introduction:

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.

Thus, a Principal need to report the details of the goods sent or received from a job worker during a particular quarter in Form GST ITC-04. This article talks about what is Form GST ITC-04, ITC 04 Due Date, ITC 04 Applicability and ITC 04 Penalty.

What is GST ITC-04?

ITC – 04 under GST is a form which has to be furnished by registered manufacturers, showing the details of inputs or capital goods dispatched or received from a job worker in a particular quarter.

What are the details to be furnished in ITC -04 under GST?

The details of the following 4 types of transactions need to be furnished in Form ITC-04 under GST:

  • Inputs or Capital goods dispatched to job workers in the quarter
  • Inputs or Capital goods received from job workers in the quarter
  • Inputs or Capital goods sent from one job worker to another job worker in the quarter
  • Inputs or Capital goods supplied from the premises of job workers in the quarter

What is the GST ITC-04 due date?

  • The regular deadline for GST ITC-04 filing will always be the 25th of the month succeeding a quarter.
  • This means that the registered manufacturers sending inputs or capital goods job work must file Form ITC-04 on or before 25th day of the month following the quarter for which such a Form needs to be filed.
  • GST ITC-04 due date, however, can be extended by the Commissioner through issuing a notification in this regard

Form ITC 04 Components

The quarterly declaration by the registered manufacturers sending inputs or capital goods for job work in ITC-04 has the following components.

  1. Basic Details of the Manufacturer

Section 1. – GSTIN

This includes the Goods and Services Tax Identification Number (GSTIN) of the Principal/Registered Manufacturer.

Section 2. – (a) Legal Name

This field contains the Legal Name and not the Trade Name of the registered manufacturer/principal.

Section 2. – (b) Trade Name if Any

In case the business of a registered manufacturer has a trade name, it must be specified in this field.

Section 3. – Period

In this section, the principal must specify the quarter for which Form GST ITC-04 is furnished as well as the financial year.

  1. Details of Inputs/capital goods sent for job work

Section 4. Details of inputs/capital goods sent for job.

This section includes a table that contains details such as:

  • GSTIN in case of registered job worker and State in case of unregistered job worker
  • Challan Number
  • Challan Date
  • Description of goods
  • Unique Quantity Code (UQC)
  • Quantity
  • Taxable Value
  • Type of goods (inputs or capital goods)
  • Rate of tax, that is, CGST, SGST/UTGST, IGST and Cess
  1. Details of Inputs/capital goods Received Back from the Job Worker

Section 5. – Details of inputs/capital goods received back from job worker or sent out from business place of job work

  • Details of inputs/ capital goods received back from job worker to whom such goods were sent for job work; and losses and wastes.
  • Details of inputs / capital goods received back from job worker other than the job worker to whom such goods were originally sent for job work; and losses and wastes.
  • Details of inputs/ Capital goods sent to job worker and subsequently supplied from premises of job worker; and losses and wastes.

Please find Your GST-ITC-04 Form here:FORM_GST_ITC_04