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Abhishek Kumar Singh

BEING01*A11 • 23d

Trying to wind up a GST account but have some amount in the electronic credit ledger, can I cash it out anyhow ?

IncorpX

Your partner from St... • 23d

Hey Abhishek, If you're planning to close your GST registration and there's a balance in your Electronic Credit Ledger (ITC), please note that this amount cannot be directly withdrawn in cash, as it’s meant only for adjusting GST liabilities. However, you may be eligible for a refund under certain conditions, such as 1. Exports without payment of tax (under LUT) 2. Inverted duty structure (higher input GST than output GST) 3. Cancellation of GST registration, provided there is no outstanding liability In such cases, you can file Form GST RFD-01 after submitting your Final Return (GSTR-10), and the eligible refund will be credited to your bank account upon approval. Please feel free to dm us for more info Warm regards, Team IncorpX www.incorpx.co.in

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Abhishek Kumar Singh

BEING01*A11 • 23d

And in case you really want to help, please tell me that in any case can I get that money back, point 1 and 2 are useless for me, tell me more about point 3, note that it's a credit ledger and not cash ledger, rfd01 is for the 1st option I guess, not sure of gstr10, but yeah tell me if I don't export and don't even have inverted yac structure do I have any formal method to get that money back in bank account,

1 Reply

Abhishek Kumar Singh

BEING01*A11 • 23d

Even I use chatgpt and other AI bots, so don't give me that answer, would like to get a serious response coming from an expert maybe

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