GST ITC 04

GST ITC 04 Form is used by GST registered taxpayers to file quarterly returns to claim Input Tax Credit (ITC). With the help of this form, the details of the inputs or the goods sent to the job worker and received from the job worker are recorded. Here, the quantity and description of goods which are sent by one job worker to another or are returned to the Principal (manufacturer) are also shown.

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. A job worker is a person who executes an assigned job on the goods which are manufactured by someone else.

The ownership of the goods remains with the Principal manufacturer, and hence he/she is called the Principal. E.g., A belt manufacturer may send the goods to another worker to do the job of pinning holes in the belt. Here the manufacturer is the Principal and the person pinning holes is the job worker who will return the goods (belts) received back to the manufacturer once his part of the job is completed.

In this article, we will help you understand the ITC 04 penalty, ITC 04 late fees, ITC 04 due date, ITC 04 last date, ITC 04 meaning, ITC 04 format and penalty for non filing of ITC 04.