Cancellation of registration procesure

We applied for cancellation of GST registration with no stock and no tax liabilty except one commercial vehicle for which no input tax credit taken was available on us. Now my question is what about the commercial vehicle now in our hand?.
Replies (6)
Quick Summary
This discussion addresses the process of cancelling GST registration when a business has no stock or tax liability, except for a commercial vehicle. It clarifies that after GST cancellation, the vehicle can be retained for personal use or sold. However, it also raises the point about potential income tax implications, advising that if the vehicle is treated as a fixed asset, its use can continue as usual. The expert also notes that depreciation can be claimed on the vehicle if business activities continue, even after GST number cancellation.

Is business closed ?

What is the purpose of cancelling GST registration?
Yes sir. business closed., No sales and purchase for the last three months, nil return filed.
If it is proprietorship business then you may retain the commercial vehicle for personal use or you may sell it
@ P Murugan,

As per Your query and reply...

No more issues in GST. You can use the vehicle as per Your way...

But,
What about income tax view...??

If You are shown the same as FA then You may practice as usual...
Cancellation of gst registration.

You can claim depreciation on vehicle if you are contuining your business only GST number is cancelled. To discuss in detail you can contact me 9024 nintyone 5488. Thanks

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