Other provisions relating to cancellation of registration under GST :
Other provisions relating to cancellation of registration are as follows :
Liability continues despite cancellation of registration – The cancellation of registration under this section shall not affect the liability of the person to pay tax and other dues under this Act or to discharge any obligation under this Act or the rules made thereunder for any period prior to the date of cancellation whether or not such tax and other dues are determined before or after the date of cancellation – section 29(3) of CGST Act.
Cancellation under SGST means cancellation under CGST and vice versa – The cancellation of registration under the CGST Act/SGST Act shall be deemed to be a cancellation of registration under the SGST Act/CGST Act – section 29(4) of CGST Act.
Payment of amount of GST on stock and capital goods at the time of cancellation – Every registered person whose registration is cancelled shall pay an amount, by way of debit in the electronic credit register or electronic cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock or capital goods or plant and machinery on the day immediately preceding the date of such cancellation or the output tax payable on such goods, whichever is higher, calculated in such manner as may be prescribed – section 29(5) of CGST Act.
In case of capital goods or plant and machinery, the taxable person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery reduced by the percentage points as may be prescribed in this behalf or the tax on the transaction value of such capital goods or plant and machinery under 15, whichever is higher – proviso to section 29(5) of CGST Act.
The amount payable under section 29(5) shall be calculated in such manner as may be prescribed – section 29(6) of CGST Act.