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Gst cancelation

09 May 2018

i have to cancel gst regaitration, i have excess claim of itc (igst) 900 rs due to seller missed invoices, i have no itc claim for this month and while filling 900 in itc reversal tab, values go to negative and it generated error,

so how i can reverse itc??

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6 Replies

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 09 May 2018

You will have to make the payment of ITC by adding it in output tax liability. There is no other option as you don't have enough ITC.

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john legend (376 Points)
Replied 09 May 2018

Application for cancellation has to be made in FORM GST REG 16.The following details must be included in FORM GST REG 16-Details of inputs, semi-finished, finished goods held in stock on the date on which cancellation of registration is appliedLiability thereonDetails of the paymentThe proper officer has to issue an order for cancellation in FORM GST REG-19 within 30 days from date of application. The cancellation will be effective from a date determined by the officer and he will notify the taxable person

first u have to pay itc then cancel gst regn by following above procedure

GouTam SachDeva (70 Points)
Replied 09 May 2018

will tax officer consider as itc reversal if it is added in output liability.

GouTam SachDeva (70 Points)
Replied 09 May 2018

dear John Legend... I am not able to reverse itc as stated because itc reversal is more and than claim so system is generating error

john legend (376 Points)
Replied 09 May 2018

is 900 is showing in electronic credit ledger???

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GouTam SachDeva (70 Points)
Replied 09 May 2018

900 igst needs to be reversed, which was already used for paying outward tax liability, now i am having no further purchase(claim of itc) so not able to reverse 900 igst, because itc claim is 0 and amount needs to reverse is 900