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GST surrender and ITC

Tapas Samadder (536 Points)

23 August 2024

Sir, I have ITC of Rs.1 lac for goods, but now I want to surrender my GST no for my insufficient funds to carry business. it is partnership firm. any legal issue. Pls.

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5128 Points)
Replied 23 August 2024

Surrendering your GST registration may have legal and financial implications. Consider the following: 1. _ITC Utilization_: You have ₹1 lac ITC, which will be lost if you surrender your GST registration. Try to utilize it before surrendering. 2. _Partnership Firm_: As a partnership firm, all partners should agree to surrender the GST registration. 3. _Outstanding Dues_: Ensure there are no outstanding GST dues or returns pending. 4. _Closing Stock_: If you have closing stock, you may need to reverse the ITC availed on it. 5. _GST Liability_: Surrendering GST registration doesn't absolve you from past GST liabilities. 6. _Legal Implications_: Consult a lawyer to understand potential legal consequences. 7. _Alternate Options_: Explore alternative options, like revoking suspension or applying for GST cancellation with a payment plan.

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Tapas Samadder (536 Points)
Replied 23 August 2024

Thanks

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