Form GST ITC-04: Relaxation in requirements of filing Job Work declaration with effect from October 1, says CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has informed about the implementation of recommendation of 45th GST Council Meeting and said that the relaxation in requirements of filing Job Work declaration in Form GST ITC-04 will be with effect from October 1, 2021.

“Implementation of Recommendation of 45th GST Council Meeting. Relaxation in requirements of filing Job Work declaration in Form GST ITC-04 w.e.f 01.10.2021,”CBIC tweeted.

It can be noted that CBIC is responsible for administering Indirect Taxes in India under Ministry of Finance, Government of India.

As per the information provided by CBIC, taxpayers with annual average turnover (AATO) above Rs 5 crores in preceding FY to furnish ITC-04 once in six months. Also, taxpayers with AATO upto Rs 5 crores in preceding FY to furnish ITC-04 once in a year.According to a CBIC notification dated September 24, 2021, in exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, has made several rules further to amend the Central Goods and Services Tax Rules, 2017.

source:https://www.zeebiz.com/personal-finance/news-form-gst-itc-04-relaxation-in-requirements-of-filing-job-work-declaration-with-effect-from-october-1-says-cbic-166382

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