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cancellation of registration

Registration 172 views 4 replies
if I have stock in my firm..and I want to close the firm then what will I do. plz reply with the rules.
Replies (4)

First you clear your stock and file cancelation of registration you can also cancel the registration before selling balance stock. you balance input on stock will be credit to your account

tell me the rule ...that stock will be credit to my account.
thanks
Originally posted by : RUDRA
tell me the rule ...that stock will be credit to my account.thanks

 

Please be following under sec 29(5) of  CGST Act

(5) Every registered person whose registration is cancelled shall pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock or capital goods or plant and machinery on the day immediately preceding the date of such cancellation or the output tax payable on such goods, whichever is higher, calculated in such manner as may be prescribed:

Provided that in case of capital goods or plant and machinery, the taxable person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery, reduced by such percentage points as may be prescribed or the tax on the transaction value of such capital goods or plant and machinery under section 15, whichever is higher.

You can cancel your GST registration through GST portel and file GSTR 10 after cancelation request is accepted by department


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