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Input credit on job work is one of the nuances of the bill which is troubling manufacturers in the country.In this article, we are going to
discuss the tax and input credit implications in case of goods sent for job work before and returned after the appointed date, in detail.
After purchase of capital goods and/or inputs a principal manufacturer may send he goods for further processing to a job worker, in such a
situation the principal manufacturer will be allowed to take credit of tax paid on purchase of such specic goods send on job work.
C. The goods send must be received back by the principal manufacture within the following period:
from date of being send out or receipt by job worker depending on place of business from where goods are send- Refer point- A & B
D. In case goods are not received within the period as mentioned in point-C above, such goods will be treated as supply from effective date
and tax will be payable on such deemed supply and the challan issued will be treated as an invoice for such supply
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Conditions and restrictions for claiming Input Credit on Job
work
A. Inputs, semi-nished goods or capital goods send on job work
E. Details of goods/capital goods sent to job worker and received back must be led through Form GST ITC 4
Conclusion
A considerable amount of time has been provided by the government to the job workers for returning goods to the principal holder. GST will
help in maintaining transparency in the details of input credit on goods sent for job work.
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