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Abhishek Kumar Singh

BEING01*A11 • 3d

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... • 2d

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and there's a balance in your Electronic Credit Ledger (ITC), please note that this amount cannot be directly withdrawn in cash, as it’s meant only for adjusting GST liabilities. Howev

Abhishek Kumar Singh

BEING01*A11 • 2d

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,

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IncorpX

Your partner from St... • 2d

In cases of business closure where there’s unutilized Input Tax Credit in the electronic credit ledger, the best course of action is to first attempt filing a GST refund application (Form GST RFD-01) before initiating the cancellation process. Although the law doesn’t clearly allow refunds upon closure, certain judicial precedents have supported refunds in such scenarios. So filing for a refund before cancellation increases the chances of approval. Regards Team IncorpX

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