Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’.
Today GSTN has launched GST ITC-04 Excel-based offline tool to furnish details of input/capital goods sent and received back from job worker:- As per GST Rule 45 details of input or capital goods sent to job worker and received back from them need to be furnished on a quarterly basis in ITC-04, which can be download from GST portal.
