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Input credit at the time of cancellation

Adarsh babu (accountant) (17 Points)

27 January 2020

I want to cancel my gst registration from December and i have input crrdit of 400000 in my credit ledger What to do this input? and can i cancel my registration?

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 27 January 2020

What to do this input?
- The balance ITC will be reversible at the time of cancellation of registration.

and can i cancel my registration?
- Yes... You can cancel Your registration. But, Before that settle Your all liabilities.

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 28 January 2020

Yes the Input lying in credit ledger will get lapse. if you are having any stock on date of cancellation you need to pay GST on same or your can adjust input lying in ECL.

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