what are the provision of refund related to accumulated ITC available in electronic credit ledger when we surrender a gst registration number.
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Quick Summary
When surrendering your GST registration, a refund for accumulated Input Tax Credit (ITC) is generally only available if you operate under an inverted duty structure. This means the tax rate on your inputs is higher than on your outputs. In other situations, any unutilised ITC will lapse upon surrender.
refund of accoumulated ITC is available only in case of inverted duty structure i.e. when rate of input is more than rate of output as a result of which the ITC keeps getting accumulated.