Relaxation in ITC-04 Filing by 45th GST Council Meeting

Relaxation in ITC-04 Filing by 45th GST Council Meeting

The GST Council’s 45th meeting was held  in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. GST Council has inter-alia made the following recommendations on relaxation in ITC-04. Relaxation of the FORM GST ITC-04 filing requirements: The rule 45(3) of the CGST Rules, which required the filing of FORM GST ITC-04, has been relaxed as follows: 1.In the prior financial year, taxpayers with a combined yearly revenue in excess of Rs. 5 crore are required to submit Form ITC-04 every six months. 2.Taxpayers with a combined yearly turnover of up to Rs. 5 crores in the preceding financial year are required to submit Form ITC-04 annually.