I have unutilised balance in electronic credit ledger.... and now I filed for cancellation of my registration
Now, should I file for refund of such unutilised ITC or should I reverse such unutilised ITC
reversal of ITC means adding it to output tax liability only, right??
please clarify....
29 Replies
Parv Kumar
(Student)
(4037 Points)
Replied 12 June 2022
You have to file Final return after cancellation of your GST and pay tax on your stock in hand.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 June 2022
You should have filed refund application for unutilised ITC in electronic credit ledger .
After receiving refund, you should have applied for cancellation of registration.
After receiving refund, you should have applied for cancellation of registration.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 12 June 2022
You can't apply for refund except in case of inverted duty structure.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 June 2022
ITC refund application can be filed
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 13 June 2022
Application can be filed but there is no provision in law
Also a taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective. This return should be filed within three months of the date of cancellation or date of order of cancellation, whichever is later.
This return is intended to provide details of ITC involved in closing stock (including inputs and capital goods) to be reversed/ paid by the taxpayer.
You have to pay tax on your closing stock and as per my view if your stock is nil there was no chance of ITC.
Also a taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective. This return should be filed within three months of the date of cancellation or date of order of cancellation, whichever is later.
This return is intended to provide details of ITC involved in closing stock (including inputs and capital goods) to be reversed/ paid by the taxpayer.
You have to pay tax on your closing stock and as per my view if your stock is nil there was no chance of ITC.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 13 June 2022
The queriest didn't say anything about stock.
She said that unutilised ITC in electronic credit ledger .
Go to services menu there is an option RFD
She said that unutilised ITC in electronic credit ledger .
Go to services menu there is an option RFD
Anantha narayanan B
(30 Points)
Replied 13 June 2022
ITC refund cannot be made.A question will be arised for details regarding u r closing stock if application for refund is made.It is better At the time of making final return or filing monthly return make a invoice to some related party to the extent of ITC in electronic credit ledger and transfer the ITC to them.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 13 June 2022
But ITC is required to reverse on stock
Meenakshi Gandhi
(83 Points)
Replied 13 June 2022
Agreed with rashmi mam and anantha.
@ Eshwar Reddy , stop making useless replies on queries.
@ Eshwar Reddy , stop making useless replies on queries.
Anantha narayanan B
(30 Points)
Replied 13 June 2022
At any cause ITC refund will not be made.If application for refund is made Department will raise a question of closing stock.If refund application is not made,at the time of filling final return you have disclose the closing stock and pay tax on closing stock either through ITC or by cash.Best way as per my view is to transfer the ITC by making an invoice to a related party by filling monthly return or final reurn
Uma Srilekha Gadepalli
(255 Points)
Replied 13 June 2022
Thanks a lot everyone for your valuable suggestions....
there is no kind of stock that's lying with us... business is nil from the past year, so we filed an application for cancellation and we have that unutilised balance in credit ledger.... just wanted to know about that....
there is no kind of stock that's lying with us... business is nil from the past year, so we filed an application for cancellation and we have that unutilised balance in credit ledger.... just wanted to know about that....
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 13 June 2022
MAKE REFUND APPLICATION FOR BALANCE ITC
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 13 June 2022
@ Meenakshi Gandhi,
Feel like you don't know the GST website.
Login to GST portal
Services-- >Refunds-->Application for refund -->Any other
Feel like you don't know the GST website.
Login to GST portal
Services-- >Refunds-->Application for refund -->Any other
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