Mr. A is dealing in items where he purchases raw material at higher rate and the finished goods he produces attaracts lower rate of gst say 18% for raw material and 3% for finished goods. There were also VAT credit which Mr. A carry forwarded to SGST.
Due to which there is always accumulated balace in gst credit ledger. Now Mr. A wants to cancell his GST registration then what to do with that ITC?
I read somewhere that at the time of cancellation of registration of GST number, a dealer need to pay an amount higher of GST paid on inputs of GST on output. But as far as I understand it is only for stock lying with dealer.
Will Mr. A get refund of the accumulated ITC? Will he also get refund of VAT credit which later added to SGST?
CAclubindia
