9911796707
TMI BlogJob Work Return - ToolsX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All, I would like to know the industry practice and the provision of law in showing Tools sent to job worker in the job work return. While Tools are also capital goods, these donot have the 3 yrs time limit to get the Tools back by the principal. Should this still be shown in the Job Work return as capital goods. Can anyone share relevant provision/guideline for this. Regards, Ganesh - R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply By Shilpi Jain - The Reply = Under GST it is simple and clear. it would be capital goods if such tools etc are capitalised in the books of accounts of the principal - Reply By KASTURI SETHI - The Reply = There is special provision for moulds, dies, jigs and fixtures, tools. See Section 19(7) of CGST Act read with Circular No.38/12/2018-GST dated 26.3.18 (para no.9.4((i) refers) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and reiterated in Circular No.88/07/2019-GST dated 1.2.19 . Hope your problem is solved. - Reply By Ganesh S - The Reply = Thank you experts. My question is more with reference to the disclosure of sending tools in the Job Work return. In the job work return, we have an option to disclose inputs/capital goods sent. Though tools are also capital goods, the department might come back with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he three year time limit as tools sent is disclosed as capital goods. I would like to know if tools sent for job work still needs to be disclosed in the job work return? What is the industry practice? Thanks in advance. - Reply By KASTURI SETHI - The Reply = Dear Sh.Ganesh S., You are humbly advised not to go beyond the special procedure (for tools etc.) laid down in the Act rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with circulars. Everything is very much clear in circulars. In case still you have even an iota of doubt, I term it as phobia of the department. To agree or not, is your right. - Reply By Shilpi Jain - The Reply = There would be no harm in disclosing in the job work statement ITC-04. Even if department contests, they will have no ground if it is tools. If u disclose then ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they cannot allege suppression. - Reply By KASTURI SETHI - The Reply = Rules and regulations are framed to be honoured. - Reply By Ganesh S - The Reply = Thank You. - Job Work Return - Tools - Query Started By: - Ganesh S Dated:- 5-11-2021 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
