Section: The provisions for filing ITC-04 are covered under Section 39(2) of the Central Goods and Services Tax Act, 2017.
Purpose: The purpose of ITC-04 is to allow taxpayers to declare the details of inputs or capital goods sent or received from a job worker.
Applicability: ITC-04 is applicable to taxpayers who have engaged job workers and have sent or received inputs or capital goods for job work.
Timeline: ITC-04 is filed quarterly, and the due dates for filing are as follows:
April to June - July 25
July to September - October 25
October to December - January 25
January to March - April 25
Exemption: There are no exemptions available for filing ITC-04.
Penalty not doing: Failure to file ITC-04 on time may attract a late fee of Rs. 200 per day (Rs. 100 under CGST and Rs. 100 under SGST) subject to a maximum of 0.25% of the taxpayer's turnover in the state or union territory.
Due Date: The due date for filing ITC-04 is the 25th of the month following the end of the relevant quarter.
Forms: ITC-04 is the form that taxpayers need to use for declaring the details of inputs or capital goods sent or received from a job worker.
Reporting Authority: Taxpayers need to file ITC-04 with the relevant GST department or authority.
Other Details: In addition to ITC-04, taxpayers need to ensure that they comply with all other applicable GST provisions. Taxpayers need to maintain proper records and documentation to support the information provided in ITC-04. Additionally, taxpayers need to reconcile the data provided in ITC-04 with their GST returns and ensure that there are no discrepancies.
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