Sir/Mam, I have given a commercial property on Rent in May-18 for Rs 50000 p.m. . I took registration under GST in Jan’2018. I purchased goods for sale for Rs 2.5 lacs in March’18. However, deal with seller was discontinued after some days. And STILL NOW ALSO I HAVE THAT STOCK OF GOODS OF 2.5 LACS as I was not able to sell those goods. GST @ 18% was charged on the goods.
We claimed ITC on goods in GSTR-3B in March’18 . ENTIRE ITC CLAIMED ON GOODS WAS ADJUSTED WITH THE OUTPUT TAX ON RENT IN GSTR-3B. AND THUS, NOW I DON’T HAVE ANY ITC CARRYFORWARD ??
Query- Since my aggregate turnover is less than 20 lacs, can i cancel my GST registration now ??
2) My query mentioned in link, has not yet been resolved. Pls do the same ?-
https://www.taxwallah.com/questions/question/gst-on-restaurant-service/
You need to reverse ITC on goods and pay the same , in case you want to cancel the registration or in case same are sold then no need to reverse.
Team Clearmytax.in