Can a business which is closing down claim refund of GST amount showing in Electronic Credit Ledger. If yes then what is the procedure and what are the documents to be submitted. Note: GST registration is already cancelled and the business is not into import or export.
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GST refund when closing business
Replies (5)
As per Your query.,
You are not a import and export process... good.
What about Your supplies tax rate with inwards tax rate...?
If Your purchase tax rate more than sales tax rate then You can claim refund of unutilized Input Tax...
For ex:
if Your sales items tax rate 5%
and Purchase have tax rate 18% then have 13% excess ITC in your credit ledger.
You can claim refund for the ITC...
You are not a import and export process... good.
What about Your supplies tax rate with inwards tax rate...?
If Your purchase tax rate more than sales tax rate then You can claim refund of unutilized Input Tax...
For ex:
if Your sales items tax rate 5%
and Purchase have tax rate 18% then have 13% excess ITC in your credit ledger.
You can claim refund for the ITC...
Refund allowed only in two case..
1. export of goods or services
2. invert duty structure
so u are not allowed to get refund of ur accumulated it....
1. export of goods or services
2. invert duty structure
so u are not allowed to get refund of ur accumulated it....
The business (Private Limited Co) has not made any sales and only incurred expenditure and now wanted to close the business, can it claim refund of excess balance in credit ledger??
Kindly suggest
| Originally posted by : manjunath | ||
 |
The business (Private Limited Co) has not made any sales and only incurred expenditure and now wanted to close the business, can it claim refund of excess balance in credit ledger?? Kindly suggest |
 |
No Dear...
In GST act ITC will be reversible for closing business with cancellation for other than REFUND'S CLAUSE.
Thank you for your kind reply sir.
Can you please explain it little further. I have not fully understood so.
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