CANCELLATION OF GST DUE TO BUSINESS LOSSESS.

Registration 298 views 2 replies

PALASH

Nothing

2000 Points Posted on 11 June 2020

Due to business loss an application for cancellation of GST has been filed on March 2019, so already 1 year & 2 months expired and the application is still under processing till now.

My questions :

1) Now Should i require to file GSTR 3B & GSTR 1 from March 2019 to May 2020 irrespective of the filling for application for cancellation of GST due to business lossess ? If yes then why ? If no then why ?

2) Is there any probability of Late fees for 1 years and 2 months ?

3) If client unable to pay fees to the accountant ( oral ) due to his business loss, should the ( oral ) accountant requires to file return from March 2019 to May 2020 ?

4) After consideration of the above facts, who will bear the cost of late fees for 1 year and 2 months ? Taxpayer or Oral Accountant ?

5) Now what should i do ?

Regards.

Replies (2)

Pankaj Rawat

GST Practitioner

55067 Points Posted on 11 June 2020

As per Proviso to Section 29 of CGST Act, R/w Rule 21A (3) : Not required to file any return from the date of Registration is filed for cancellation.

1. No
2 Not Applicable in your case as not liable to file return.
3. it depends upon the agreement/relation between client & accountant.

4. Not applicable .

5. keep cool & enjoy as you are not required furnished any return after being filed for cancellation.

Note : The above rule is being Effective from 1/2/2019, vide Notification 3/2019 CT