Form GST ITC-04 is the periodic return that the principal must file detailing the goods sent to and received from job workers. It is a critical compliance document for job work transactions.
This article explains the ITC-04 requirements and filing procedure.
Who Must File ITC-04
Every principal who sends inputs or capital goods to a job worker must file ITC-04. The form must include details of:
- Goods sent to job workers.
- Goods received back from job workers.
- Goods supplied from the job worker’s premises.
- Goods pending with job workers.
Filing Frequency
The filing frequency depends on the principal’s aggregate turnover:
- Above ₹5 crore: Half-yearly (April–September by 25th October; October–March by 25th April).
- Up to ₹5 crore: Annually (by 25th April of the following year).
Due Dates
- Half-yearly filers: 25th October and 25th April.
- Annual filers: 25th April.
Penalty for Non-Filing
Failure to file ITC-04 attracts a late fee under Section 47 and potential penalty under Section 122. The Allahabad High Court has upheld a demand for failure to maintain job-work records.
Conclusion
ITC-04 is a mandatory compliance requirement for principals engaged in job work. Timely filing is essential to avoid penalties and audit objections.
At Anuj Desai & Associates, we provide expert assistance in ITC-04 filing and job work compliance. Our team can help you meet your filing obligations.
For a confidential consultation, contact us at office@anujdesaiassociates.com or call 9619456656. Visit our website at https://anujdesaiassociates.com or connect with our founder on LinkedIn at linkedin.com/in/ca-anuj-desai-122547230.