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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.
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:
The quarterly declaration by the registered manufacturers sending inputs or capital goods for job work in ITC-04 has the following components.
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.
Section 4. Details of inputs/capital goods sent for job.
This section includes a table that contains details such as:
Section 5. – Details of inputs/capital goods received back from job worker or sent out from business place of job work
Please find Your GST-ITC-04 Form here:FORM_GST_ITC_04