23 March 2024
Sir, One of my client has taken GST registration for dealing courier business during the financial year 2020-21. Up to January 2023, GST monthly return was filed properly and after that he was not filed any return till date. While verifying the GST site their registration was suo-moto cancelled by the department as on 01-11-2023. In the cancellation order, it specifically mention that the requirement of filing GSTR-10, all pending return, and all pending liabilities. From February 2023 on wards he has not made any outward supply and thereby required to file only nil return. But the credit ledger shows the following Credit IGST- Rs. 500, SGST- Rs. 1299, & CGST - Rs. 1299. Please guide me the procedure for cancellation of the registration and how this ITC can be dealt with. If it was settled through GSTR-10 or require to file through DRC-01?
27 March 2024
In case of a regular tax payer, inputs held in stock must be paid off either through debit of e credit ledger or e cash ledger. This ITC balance should be paid off through DRC-03. Also ensure that there is no iputs held in stock in the books of account otherwise the same shall be paid.
CAclubindia
