GST surrender and ITC

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538 Points Joined October 2020
Sir, I have ITC of Rs.1 lac for goods, but now I want to surrender my GST no for my insufficient funds to carry business. it is partnership firm. any legal issue. Pls.
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On 23 August 2024 at 11:52 Report
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Master in Accounts & high court Advocate
9596 Points Joined December 2011

Surrendering your GST registration may have legal and financial implications. Consider the following: 1. _ITC Utilization_: You have ₹1 lac ITC, which will be lost if you surrender your GST registration. Try to utilize it before surrendering. 2. _Partnership Firm_: As a partnership firm, all partners should agree to surrender the GST registration. 3. _Outstanding Dues_: Ensure there are no outstanding GST dues or returns pending. 4. _Closing Stock_: If you have closing stock, you may need to reverse the ITC availed on it. 5. _GST Liability_: Surrendering GST registration doesn't absolve you from past GST liabilities. 6. _Legal Implications_: Consult a lawyer to understand potential legal consequences. 7. _Alternate Options_: Explore alternative options, like revoking suspension or applying for GST cancellation with a payment plan.

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On 23 August 2024 at 12:27
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538 Points Joined October 2020
Thanks
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On 23 August 2024 at 15:42


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