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Cancellation of gst number

Others 215 views 3 replies

rajdip ranpara

proprietor

141 Points Posted on 14 November 2020

we had vat registration number then it is converted to gst number.

now our turnover is below threshold limit and we want to cancel our gst number

so whether we have to sold out our whole stock

we are not shutting down our business due to low turnover we are cancelling our gst number.

Replies (3)

JATINDER KUMAR

Accountant

3662 Points Posted on 14 November 2020

You may apply for cancellation of registration if your Turnover below threshold after adjustment of ITC of stocks

Ranga raj

still studying

122 Points Posted on 14 November 2020

I guess, while applying for cancelation you have to pay the total amount of itc of the stock you are holding in which you have taken itc...

Shivam RC

Student

23693 Points Posted on 14 November 2020

Yes you can proceed to cancel your GST Registration if your Aggregate Turnover is well below the turnover threshold limit of GST Registration. But you have to reverse all your ITC on Stocks, Proportionate ITC on Capital Goods and have to give full details on Final Return in FORM GSTR-10.