GST liability on cancellation of registration in two situations

Ramachandran S (Chartered Accountant) (717 Points)

04 March 2023  

A person wants to  cancel GST registration due to discontinuance of his profession. He has some capital goods on which input tax credit has not been claimed at all. He also does not sell such goods to anybody but will treat it as personal  assets.  What is the ‘transaction value’ on which he has to pay output tax liability on deemed supply  pursuant to Schedule II to the CGT Act on GST cancellation? What will be the answer, if he wants to  cancel GST registration not  due to discontinuance of profession but due to the fact that there will be no inter-state supply of professional services and intra-state supplies will be below Rs.20 lakhs? Thanks.