Ludhiana: Entrepreneurs into work with turnover until RS 5 Crore must submit only one ITC-04 GST again counteract the previous submission practices every quarter.
Those who have a turnover of more than Rs 5 Crore have to file only two returns a year.
These changes come into force since October 1 and employers are happy with the development.
Thamman, a tax expert, said, “From October 1, the frequency of archiving work back, ITC-04 has been changed.
Taxpayers, whose annual aggregate changes in the previous financial year are Above RS 5 Crore, will apply for ITC-04 once in six months – for April 1 to September 30 on October 25 and for October 1 to April 31.
Job taxpayers with annual aggregate changes in the previous financial year to RS 5 Crore will submit ITC-04 once every year on April 25.
“Welcoming a decision, Babbal Sharma, the owner of the coating unit, said,” The reduction in the submission of GST returns is a big assistance for us because most of the work industry work in Ludhiana has a low turnover.
There are almost no units with turnover more than Rs 5 Crore.
“Arvind Verma, another businessman, said,” We thank the government to reduce GST compliance loads on us, but we also demand easy to use cellular applications to file our return without bother.
“In accordance with Part 2 (68) of the CGST Act, job work means treatment or process of other people’s goods.
There are several processes in the industry that is outsourced by one factory to another by sending its items to others.
For example: nickel, chrome paint , paint work, powder coating, machining, welding, among others, are some of the most common jobs in the city.
The factory can install facilities to complete this process or send their items to complete this process from entrepreneurs involved in this work job .