GST : Cancellation of GST Registration Part-3 with Ranjan Pathak
- 4 years ago
Cancellation of GST Registration Part-3
Procedure and Pending Tax liability
Procedure to Cancel GST Registration
If you opt to cancel your registration, you need to apply for it on the GST Common Portal. You must do this within 30 days of the event which made you cancel your registration.
You will need data of stock held on the date and the quantum of dues of payments and credit reversal, and the particulars of payments made.
After you apply for cancellation, the Proper Officer will review your application. Once he is satisfied with it, he will cancel the registration within 30 days from the date of application or the date of reply to notice.
Pending Tax Liability
If you have any pending tax liability or any other obligation, the cancellation of your GST registration will not affect it.
You will still be liable to discharge such obligation. If your registration is cancelled, you will be liable to pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger, equivalent to higher of:
the input credit in semi-finished / finished / raw stock of goods on the day immediately before the date of cancellation or;
output tax payable on such goods.
For capital goods or plant and machinery, you will have to pay the higher of:
the input credit taken on such capital goods, reduced by a certain percentage or
the tax applicable on the transaction value of such capital goods.
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#gst
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Procedure and Pending Tax liability
Procedure to Cancel GST Registration
If you opt to cancel your registration, you need to apply for it on the GST Common Portal. You must do this within 30 days of the event which made you cancel your registration.
You will need data of stock held on the date and the quantum of dues of payments and credit reversal, and the particulars of payments made.
After you apply for cancellation, the Proper Officer will review your application. Once he is satisfied with it, he will cancel the registration within 30 days from the date of application or the date of reply to notice.
Pending Tax Liability
If you have any pending tax liability or any other obligation, the cancellation of your GST registration will not affect it.
You will still be liable to discharge such obligation. If your registration is cancelled, you will be liable to pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger, equivalent to higher of:
the input credit in semi-finished / finished / raw stock of goods on the day immediately before the date of cancellation or;
output tax payable on such goods.
For capital goods or plant and machinery, you will have to pay the higher of:
the input credit taken on such capital goods, reduced by a certain percentage or
the tax applicable on the transaction value of such capital goods.
https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz
Follow me on Social Media:
1. Facebook : https://www.facebook.com/tax4wealth
2. Linkedin : https://www.linkedin.com/in/tax4-wealth-4aa2b718b/
3. Twitter : https://twitter.com/tax4wealth
4. Tumblr : https://tax4wealth.tumblr.com/
5. Pinterest : https://in.pinterest.com/tax4wealth/pins/
6. Medium : https://medium.com/@bhartichawla27
7. Telegram : https://t.me/tax4wealth
Google Play Store
https://play.google.com/store/apps/details?id=com.future.hellotaxindia&hl=en_IN
▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾
➨ Website:https://tax4wealth.com/
➨ Writes to us: tax4wealth@gmail.com
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#gst
#cancellationofgst
#cancellationofgstregistrationpart3