https://www.taxtmi.com/forum/issue?id=114980 Where input tax credit was taken on capital goods, section 18(6) requires payment equal to either the residual ITC reversal (as prescribed) or tax on the transaction value, whichever is higher. If no input tax credit was claimed on the imported machinery, GST must be charged on the transaction value. Cancellation does not relieve tax liability: outstanding GSTR-1 and GSTR-3B must be filed before cancellation, and a final return must be filed after cancellation; reactivation of registration may be necessary to remit tax. en-us Sat, 18 May 2019 22:52:19 +0530 Thu, 23 Jan 2025 15:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=114980 Where input tax credit was taken on capital goods, section 18(6) requires payment equal to either the residual ITC reversal (as prescribed) or tax on the transaction value, whichever is higher. If no input tax credit was claimed on the imported machinery, GST must be charged on the transaction value. Cancellation does not relieve tax liability: outstanding GSTR-1 and GSTR-3B must be filed before cancellation, and a final return must be filed after cancellation; reactivation of registration may be necessary to remit tax. Discussion-Forum GST Sat, 18 May 2019 22:52:19 +0530 https://www.taxtmi.com/forum/issue?id=114980