accumulated ITC -common credit - NOT UTILISED -SURRENDER OF GST registration - treatment

[Karuppannagounder Marimuthu]

A registered person (partnership firm) wants to surrender their registration due to business closure. However, accumulated common credit since 2019 to date - ITC to the extent of CGST Rs. 15540 and SGST RS.15540. It represents ITC on bank charges. Registering Authorities ask to remit the amount to cancel the registration. How to represent?

AI Summary

Firm Must Reverse ITC on Bank Charges via DRC-03 to Cancel GST Registration Due to Business Closure A partnership firm seeking to surrender its GST registration due to business closure has accumulated common credit, specifically ITC on bank charges totaling CGST Rs. 15,540 and SGST Rs. 15,540 since 2019. The registering authorities have requested the firm to remit this amount to proceed with the cancellation of the registration. In response, it was advised that the firm could reverse the credit using form DRC-03.