dear sir
please advice if i have gst number on voluntary basis (oil mil) gst certificate received on 08-11-2023 during the period we have taken itc on purchase of machine of Rs 76000/- not my turnover exceeds thresold limit .now we can apply for refund and apply for gst cancellalation avilable itc 69000/- we can claim as refund
confirm for refund apply and cancellation of gst number in bihar
Since your GST registration is voluntary and your turnover is below the threshold, you may apply for cancellation of GST registration on the GST portal. However, the ITC taken on the machine cannot normally be claimed as refund merely due to cancellation. On cancellation, ITC on capital goods has to be reversed/paid after reducing 5% per quarter or part thereof from the invoice date, or tax on transaction value, whichever is higher. After cancellation order, GSTR-10 final return must also be filed.
CAclubindia
