Excess itc in credit and cash ledger while cancelling
This query is : Resolved
19 March 2019
Dear sir,
I want to cancel my gst no. because i had closing my business and also my turnover is below 20 lack. But i had cash and credit balance available in gst credit and cash ledger, can i claim that balance as refund.
Plz guide me.
I want to cancel my gst no. because i had closing my business and also my turnover is below 20 lack. But i had cash and credit balance available in gst credit and cash ledger, can i claim that balance as refund.
Plz guide me.
22 March 2019
You have to reverse the credit ledger and nil your stock. the reversal of input credit lying in stock must be paid either by way of debit to cash ledger or debit to credit ledger. So you can use the cash ledger balance lying in discharge of reversal liability and pay remaining if any.
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