on closure of business what is to be done with unutilised Input tax credit....???
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Unutilized itc of gst on closure of business
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As per rule 44, on closure of business, ITC on inputs and capital goods should be reversed.
ITC on inputs unutilized shall be reversed proportionately & unutilised ITC on capital goods to be reversed as per remaining useful life.
The reversal shall form part of output tax liability & details to be furnished in Form GST ITC 03.
Refer rule 44 for more details.
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