As per section 143(3) and 143(4) of the CGST Act, where inputs or capital goods are sent to job worker and such goods are not received within the prescribed period of one year or three years respectively, it will be deemed as a supply on the date when such goods were sent to the job worker. However, such supply may not be treated as an income in the audited Annual Financial Statements. In such a situation, the value on which GST is liable to be paid on the goods sent to the job worker is liable to be added under Sl. No. 5O. Data for such transactions can be ascertained from the inventory records and FORM GSTITC-04.
What is the effect of inputs and capital goods which is sent to a job worker but is not returned within the prescribed period? Print
Created by: WIRC-GST Helpdesk .
Modified on: Thu, 13 Jun, 2019 at 7:02 PM
Did you find it helpful? Yes No
Send feedbackSorry we couldn't be helpful. Help us improve this article with your feedback.