Question ID : 40884

TRAN-1 CREDIT AND INPUT CREDIT

A new unit took GST registration on 1st July 2017. They had made purchases just before that date and took tran -1 credit on the same. The unit is now thinking of closing and intend to forego tran-1 credit and some ITC credit available. There is no stock and everything is sold out. Is there any problem in filing the required forms for closure?

If the unit is foregoing credit there may be no problem provided there is some reason why there is still credit balance when no stock is available. If there is sizeable amount of credit could consider going for a refund as per the decision in the case of Slovak