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accumulated ITC -common credit - NOT UTILISED -SURRENDER OF GST registration - treatment, Goods and Services Tax - GST

Issue Id: - 119152
Dated: 10-6-2024
By:- Karuppannagounder Marimuthu

accumulated ITC -common credit - NOT UTILISED -SURRENDER OF GST registration - treatment

Contents

A registered person (partnership firm) wants to surrender their registration due to business closure. However, accumulated common credit since 2019 to date - ITC to the extent of CGST Rs. 15540 and SGST RS.15540. It represents ITC on bank charges. Registering Authorities ask to remit the amount to cancel the registration. How to represent?

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1 Dated: 11-6-2024
By:- Padmanathan Kollengode