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
Proper Disclosure of Tools in Job Work Return Under GST: Are They Capital Goods? An individual inquired about the proper disclosure of tools sent to a job worker in the job work return under GST, questioning whether they should be shown as capital goods given their exemption from the three-year return limit. Responses highlighted that if tools are capitalized in the principal's books, they are considered capital goods. References were made to specific provisions and circulars in the CGST Act, suggesting that tools, like moulds and dies, have special provisions. It was advised that disclosing tools in the ITC-04 statement would not harm, as it prevents allegations of suppression. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
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