De-registration liability: pay higher of tax on held goods or claimed credit; include unpaid amounts in final turnover.

De-registration triggers a liability for all goods held on the date of cancellation equal to the higher of tax on those goods at their fair market value or the tax credit previously claimed. Dealers using receipt-and-payment accounting must include in their final return any amounts not yet received for sales made while registered and any amounts not yet paid for purchases made while registered.

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