Hello everyone!!
One of my friend wants to cancel the GST registration(regular scheme). And he is having the stock of Rs. 2,00,000 and GST on stock is around 35,000. He has filled the GST return for the month of march 2020 and also he has filed the GST1 for the quarter Jan-20 to Mar-20. Reason for cancellation is he has not reached the threshold limit for last two financial year.
What will be procedure to cancel?
How to make the payment ?
In future if he wants can he re register?
| Originally posted by : mvramana | ||
 |
1. Reverse the ITC if credit ledger shows the balance. If not there, pay in cash through DRC-032.Apply for cancellation3.After receiving cancellation order, file GSTR-10 |  |
What is DRC-032. Can you please explain it step by step.
| Originally posted by : RAJA P M | ||
|
1. Apply cancellation in GST portal...3. Yes... He is going to cancel voluntarily then He can register again if want in future. But, dept cancelled the gstin then no way for the same Pan.... 2. Payment...?! why payment...?! | |
Thank you for your reply. We are having the closing stock and ITC on the stock is already claimed.
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