Relaxations in GST Return Filing- Update for GST ITC-04 Form

| | ,

A major relief for taxpayers having GST Registration. The Finance Minister Nirmala Sitharaman announced relaxation regarding a major GST Return Filing form. In this article, we will read about Relaxations in GST Return Filing related to GST ITC-04 Form.

45th GST Council Meeting

The 45th GST Council meeting was held physically for the first time after one and a half years of online meetings. It was held on Friday, 17th September 2021, at Lucknow, Uttar Pradesh, chaired by Union Finance Minister Nirmala Sitharaman. The meeting announced several reliefs and updates regarding Goods and Service Tax.

To read about the meeting in detail, you can visit – 45th GST Council Meeting – Latest GST Updates 

What is ITC-04 Form?

ITC – 04 under GST is a form that registered manufacturers have to furnish. The ITC-04 shall indicate the information of inputs or capital goods sent or received from a job worker in a particular quarter.

In Form ITC-04 of GST, information concerning the following 4 kinds of transactions is required:

  • Inputs or equipment sent in the quarter to the employees
  • Inputs or capital goods received in the quarter from employees
  • Capital goods delivered from one employee in the quarter to another employee
  • Inputs or equipment supplied by the employees in the quarter
Take a call from Expert

Relaxations in GST Return Filing- GST ITC-04 Form

The government has now relaxed the deadline for furnishing the GST ITC-04 Form. The details are as follows.

  • Firstly, Taxpayers whose annual aggregate turnover in the previous financial year exceeds Rs.5 crore can now furnish Form ITC-04 once in six months.
  • Similarly, Taxpayers whose annual aggregate turnover in the preceding financial year is up to Rs.5 crore can now furnish ITC-04 annually.
  • In the CGST and IGST cash registers the unused amount may be transferred without a refund procedure between separate individuals (i. e., entities with the same PAN but registered in different states).

Refer to the official notification announced – Recommendations of 45th GST Council Meeting

Other Relaxations in GST Return Filing

GST Annual Return Filing- How to File GSTR- 9, Types & Eligibility

Moreover, If you want any other guidance relating to GST Return Filing, please feel free to talk to our business advisors at 8881-069-069.

Download E-Startup Mobile App and Never miss the latest updates narrating to your business.


Hotel Association of Western India gets dual ISO certification

Govt announced Subsidy on Sugar export this season


Leave a Comment