Job Work under GST
Definition
Processing or treatment of goods belonging to another registered person. GST has specific rules allowing a principal to send inputs to a job worker without immediate tax, provided the goods return within prescribed time limits.
Related Terms in India GST
ITC-04
A declaration a principal files to report goods sent to and received from a job worker under GST. It supports the tax-free movement of inputs for job work and tracks compliance with the return timelines.
GST on Advance Payment
The GST treatment of advances received for a supply. For services, tax is generally due when an advance is received; rules for goods have changed over time, so the current position should be confirmed.
Dynamic QR Code (GST)
A scannable code required on certain B2C invoices under GST that lets a customer pay digitally, aimed at promoting electronic payments. Applicability depends on the supplier's turnover.
Section 115BAC (New Tax Regime)
The provision setting out India's new personal income-tax regime with lower slab rates but most exemptions and deductions withdrawn. It has become the default regime, with the option to choose the old one.
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