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
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
- Another Great relaxation amid COVID-19 is the GST Amnesty Scheme. Under the GST Amnesty Scheme, The late fees are capped at only Rs. 500/- for nil returns and similarly, a maximum of Rs 1,000 per return for those having tax liability. The Finance Minister extended the last Date for Availing of the GST Amnesty scheme, thus taxpayers can avail the benefit of the amnesty scheme till 30th November 2021.
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