A person took the registration voluntarily in composition scheme. Later on, he voluntarily cancelled the registration. His turnover is less than 40lakh so he is not required to take the registration compulsorily.
Now the question is whether he is liable to pay GST on sale of the stock which he purchased while he was registered in GST or there is no liability to pay GST since he is not registered right now.
If he has purchased from registered dealer he has paid tax
..
then he has unsold stock.
he can either sale it .
remain as it is.
while submitting returns he has to declare in his return.
It is advisable not to cancel registration.
Change the objects of business and apply for new business.
wait for sometime...
CAclubindia
