Respected sir
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Gst Refund process on Capital Goods itc reducing 5% per quarter when cancelation of GST number
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GST Refund on Capital goods on itc Reducing 5% per quarter when cancelation of GST number
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On cancellation of GST registration, ITC on capital goods is not refundable. As per section 29(5) read with rule 44, the taxpayer has to reverse/pay the ITC attributable to the remaining useful life of the capital goods, taking useful life as 5 years (60 months), or the output tax payable on such goods, whichever is higher. Details are to be given in REG-16, and GSTR-10 is to be filed after cancellation.
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