Cancellation of gst number

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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.

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On 14 November 2020 at 18:34 Report
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If your business turnover has fallen below the GST threshold, you can apply to cancel your GST number. However, you'll need to reverse any input tax credit (ITC) claimed on your current stock and capital goods. Additionally, you must submit a final return using FORM GSTR-10 with full details.

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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
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On 14 November 2020 at 19:52
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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...
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On 14 November 2020 at 20:02
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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.
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On 14 November 2020 at 20:58

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