Back

Abhishek Kumar Singh

BEING01*A11 • 1m

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... • 1m

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and there's a balance in your Electronic Credit Ledger (ITC), please note that this amount cannot be directly withdrawn in cash, as it’s meant only for adjusting GST liabilities.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 • 1m

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

IncorpX

Your partner from St... • 1m

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

Recommendations from Medial

AFFORDABLE TREND

The business should ... • 8m

Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B November 30, 2024, is the last date to claim any pending input tax credit (ITC) or amend any errors or omissions in compliance with the Goods

CA Chandan Shahi

Startups | Tax | Acc... • 4m

Here are 10 important accounting tasks to complete before 31-03-2025 to ensure a smooth financial year-end closing and compliance: ✅ 1. Reconcile All Bank Accounts Ensure that bank statements match the books of accounts. Resolve any discrepancies b

Kashinath Tilagul
•

ABATA AI • 5m

100 Business Ideas | Low to high Investment| Indian Market. Save for later ideation. many ideas are live in the showcase. Reach out for any help in idea validation. https://medial.app/competition/february-25-startup-showcase --- Tech & SaaS Star