Mam, I have taken Voluntary GST Registration in Jan 2018. Goods worth Rs 2 lacs approx was purchased in May 18 and till now it has not been sold as we no longer intend to sell the goods as per supplier’s policy. ITC on goods was claimed.
I have also given a shop on rent and collect GST on Rent . ENTIRE ITC ON GOODS WAS ADJUSTED FROM OUTPUT TAX ON RENT.
Query 1 – a) Whether i can apply for cancellation of registration now ?
b) ITC should be reversed in Jan’21 month and i should pay the ITC claimed earlier ??
c) If I reverse the ITC and pay the ITC in cash but stock is still my hand then whether deptt can question me again with respect to stock held ??
Query-2
a) Now, I raise Rent invoice only and pay GST collected on rent. Query- If I cancel GST registration in Jan’2021, then whether i should firstly file GSTR-3B of Dec’2020 month and then cancel gst registration?
b) I raise Rent invoice by 7th every month. So, if i cancel l GST registration till 20th Jan’2021, then whether i should raise Rent invoice for Jan month also ??
Thanks..
1 (a) Yes
(b) Yes you need to reverse or pay ITC availed earlier as per Sec 29(5) of the CGST Act.
(c) If ITC is reversed, don’t think Deptt. will question the stocks.
2 (a) GST registration can be canceled any time, however better to file GSTr-3B of period for which GST has been charged and then cancel the GST registration.
(b) You need to go as per agreement. GST law has no guidance execpt that invoice be issued within 30 days from date of supply / as per agreement.
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