"I will submit my resignation to party President Sonia Gandhi taking full responsibility for the party's performance in the state," Gogoi told reporters here.
"This is not an emotional decision. This is a temporary setback. I have seen such a situation before and the party has always bounced back," he said.
He recalled that Indira Gandhi had lost in 1977, but bounced back to power and became the Prime Minister again with the Congress forming the government at the Centre.
Asked whether Congress Vice-President Rahul Gandhi should resign taking full responsibility for the party's debacle, Gogoi shot back, "Why should he resign? He is not the Prime Minister."
Among the 14 Lok Sabha constituencies in Assam, BJP is leading in nine constituencies, ruling Congress and principal opposition party AIUDF in two seats respectively and an Independent in one.
Gogoi's son Gaurav Gogoi is trailing in third position behind BJP's Mrinal Kumar Saikia and AGP's former MP Arun Sarma in Kaliabor constituency.