I claimed ITC on purchase of machinery, this ITC is not utilized (machinery is also not utilized).
Going to close the business.
My query is what about itc, while the cancellation of registration?
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Cancellation of registration
Replies (2)
The ITC will be reverse if You are going to cancel Your GSTIN.
ITC will get lapsed.
Yes if you have any stock on the date of Cancellation , you are require to Pay GST on same & any balance in Credit Ledger can be setoff against the Tax liability created on closing stock . (Refer Section 29(5) of CGST Act )
Yes if you have any stock on the date of Cancellation , you are require to Pay GST on same & any balance in Credit Ledger can be setoff against the Tax liability created on closing stock . (Refer Section 29(5) of CGST Act )
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