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.
Ramachandran S (Chartered Accountant) (694 Points)04 March 2023