GST NUMBER CANCELLIATION

This query is : Resolved 
Quick Summary
If you're a regular taxable person under GST and wish to close your business, you can indeed cancel your GST number. Ensure all your GST returns are filed up to date and any outstanding tax is paid. Importantly, there is no GST liability on unsold stock when you cease trading, as no supply of goods is occurring.

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(Querist)
19 July 2023 Dear experts

I am a regular taxable person under GST and my turn over is less than 40.00 lac in last F.years and the stock as on 31.03.2023 was Rs 35.00 Lac and i want to close my business in current FY. Can i cancel GST number. In that case any GST liability to be paid.

Thanks in advance for reply.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 July 2023 Yes you can cancel GST registration.
You have to file GST return upto date and pay any GST upto date.
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satish kumar Chauhan

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satish kumar Chauhan (Querist)
19 July 2023 sir any tax liability on unsold stock
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 July 2023 No supply of goods is taking place at the time of closure of business, therefore, no GST is applicable on the same.
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