Un utilised ITC not any sale Want GST registration surrendered .
This query is : Open
03 June 2022
Sir
I had business of cold press oil mil .I have purchased some raw material under using my GST number .but I have not make any sale of oil during period .Now I have files only nil returns due to nil sale .Now i want surrendered my GST registration due to discontinue of business.
But there is unutilised itc available of Rs 9000 .Can I surrender GST registration ?
Will officer raise any query regarding my unutilized ITC ? Purchased material has been perished.
I had business of cold press oil mil .I have purchased some raw material under using my GST number .but I have not make any sale of oil during period .Now I have files only nil returns due to nil sale .Now i want surrendered my GST registration due to discontinue of business.
But there is unutilised itc available of Rs 9000 .Can I surrender GST registration ?
Will officer raise any query regarding my unutilized ITC ? Purchased material has been perished.
03 June 2022
Hi,
Because you have not made any sale of raw material purchased, you have to reverse the input credit availed on raw material. At the time of filling of surrender application, you can reverse it.
Because you have not made any sale of raw material purchased, you have to reverse the input credit availed on raw material. At the time of filling of surrender application, you can reverse it.
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03 June 2022
Thanks sir , But I have not availed ITC it is unutilised.Then how to reverse itc while surrendering registration? pls explain me.
03 June 2022
There is no question of unutilized ITC. There will be no objection from the department to cancel your GST registration.
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03 June 2022
thanks ,then I can surrender my registration with unclaimed ITC .
03 June 2022
You can surrender. At the time of filing of cancellation application you can also reverse the ITC. But now since Interest is only after utilisation whether you reverse ITC or not doesn't matter. You can straightway cancel with or without reversing ITC - your choice. No adverse implication in any of them.
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04 June 2022
You can surrender your registration now. And for unutilised credit you have to filed a final return in GSTR-10 within 90 days of approval of your cancellation.
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