Q. I own a computer shop and migrated from VAT to GST registration. I purchase products from a local distributor and sell them in my local shop. Because my business is losing money I want to close it and cancel my registration. My question is: Can I cancel my registration? If yes, then what I will do with my input tax credit which I have in my credit ledger account? I have more than Rs 50,000 in my credit ledger account.
You can apply for cancellation of registration under Section 29(1) of the CGST Act, 2017 read with Rule 24(4)
