COMPLIANCE ON CANCELLATION OF REGISTRATION UNDER REVISED GST LAW:- Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 17-5-2017 – At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as the assessee is required to discharge tax and is also required to file final return under section 40 of the Revised GST Law. According to section 26(7) of the Revised GST Law, every registered taxable person whose registration is cancelled shall pay an amount equivalent to
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ssed above is required to be made for inputs as such, inputs contained in semi-finished goods, inputs contained in finished goods, capital goods and even input services. The assessee can compute the value of inputs contained in the stock of goods as on the date of cancellation but it is extremely difficult to compute the input tax credit of input services contained in the stock of goods. Moreover, there might be dispute as regards whether reversal of credit of input services directly related to the stock of goods is required like transportation services for bringing inputs in the premises or whether input service credit indirectly pertaining to the stock of goods such as telephone services, security services etc. is also required to be reve
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
, it is found that Schedule-I of the Old GST Law prescribed matters to be treated as supply without consideration which also mentioned the assets retained after deregistration which meant that assets on which no credit was taken were also treated as supply on deregistration. Not only this, permanent transfer or disposal of business assets was also considered as supply without consideration so as to levy tax irrespective of fact whether input tax credit was availed on such assets or not. However, this provision has been dispensed with in the revised GST law and now, only permanent transfer or disposal of business assets where input tax credit has been availed has been mentioned in Schedule-I thereby meaning that tax would be leviable by trea
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =