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ITC Reversal


Piyush Gupta (icai)     15 September 2020

Piyush Gupta
icai 
 2 likes  49 points

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What is the procedure of itc reversal of capital goods in case of cancellation of gst on account of closure of business?

avater

Sagar Patel (Tax and Business Consultant)     17 September 2020

Sagar Patel
Tax and Business Consultant 
 983 likes  11081 points

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You are required to Reverse the Proportionate ITC for remaining useful life of capital Goods (taking 5 Year as useful life) in form GSTR 10 final Return to be filed after cancellation of Registration.


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