SJY & Associates Chartered AccountantsSectors
CA for manufacturers in Bhosari MIDC
Compliance points that commonly arise for factories, component makers and job-workers around Bhosari MIDC.
A manufacturing unit's compliance depends on how goods move. Material goes out to a job-worker, comes back as a part, moves on to a customer and sometimes returns. Each movement needs a document, and the documents have to agree with the stock records and the returns.
Goods sent for job work need a delivery challan and are reported in Form ITC-04. Inputs generally have to return within one year and capital goods within three years, or the movement is treated as a supply. E-way bills are checked against invoices, particularly on inter-state dispatches.
Stock is often where the year-end questions begin. Opening stock, purchases, production, scrap and sales need to reconcile in quantity as well as value. Payments to micro and small suppliers need watching too, because amounts unpaid beyond the time allowed under the MSMED Act can be disallowed in the income-tax computation.
Related services
- GST & indirect tax in Bhosari, Pune
- Audit & assurance in Bhosari, Pune
- Income tax & TDS in Bhosari, Pune
Common questions
What is Form ITC-04?
It is the GST statement of goods sent to and received back from job-workers. Filing is half-yearly or annual, depending on turnover.
Does a job-worker need GST registration?
It depends on the job-worker's turnover and the nature of the work. The position is checked against the current rules for each case.
Also
Contact
SJY & Associates, Chartered Accountants
Shop No. 1, 1st Floor, above Lokmanya Multipurpose Co-operative Bank, Pune–Nashik Highway, opposite Mankikar Hospital, Bhosari, Pune 411039. Monday to Friday, 9:30 am to 6:30 pm.