GST registration cancellation process in Punjab can be initiated by the individual himself or the GST officer or the legal heir of the person registered under in the case of the sole proprietor. Once the GST registration is canceled the person is not required to pay any taxes under the GST.
A person can also cancel his GST registration in Punjab or it can be canceled by an officer, in case if the person is carrying the business after the registration is canceled then there are heavy penalties for the same.
An application is to be made in GST REG 16 to cancel the GST registration in Punjab. The following details need to be mentioned in the Form GST REG 16.
Before applying for the GST cancellation in Punjab the applying to all the overdue GST liability. Apart from this, the input tax contained in the stocks of the inputs, semi-finished goods, finished goods, and the capital goods or the output tax liability of these goods whichever is higher is to be remitted by the taxpayer.
The input tax credit on the existing stock is to be paid back as the taxpayer here cannot claim the input tax credit once the GST registration in Punjab is canceled.
The final GST payment however can be made by electronic credit to the cash ledger.
The final GST payment can also be made while submitting the final GSTR 10 returns.
To clear the doubts regarding the Goods and the service tax act talk to our experts today or log onto www.IndiaFilings.com
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Tax is payable on stock of input and capital and input available on semi-finished and finished goods
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