i had a hotel business,but now i leased my property to some company so now i want to cancel my registration but i have 100000 itc in electronic credit ledger but at the time of cancellation they asked for payment regarding itc in stocks and capital goods.
so please advise on that context.
3 Replies
PEP CONSULTANCY
(118 Points)
Replied 05 December 2018
If you have taken itc on stock available as on the date of cancellation, you need to pay the tax on itc availed on such stock
pritesh
(CA Final student)
(7101 Points)
Replied 05 December 2018
ITC payable on stock will be adjusted 1st with your credit Ledger thn if any payment is balance you have to pay through cash Ledger.
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