GST Registration Cancellation
*Complete by: within 7 days
- Completely managed GST registration cancellation service with Expert advise. Applicable for entities with no activities/turnover
GST Registration cancellation in Pune
StartupPortal Business services provide GST registration cancellation in pune. GST registration can be cancelled voluntarily if the business is dormant or does not have the necessary business turnover. Further, a GST registration can also be cancelled by a GST officer if the business is non-compliant under GST. Once GST registration is cancelled, the person or entity is no longer required to file GST returns and is not required to pay or collect GST.
Voluntary GST Cancellation
If a person or entity with GST registration wishes to cancel their GST registration, a cancellation request must be submitted to the GST Department in Form GST REG-16. After reviewing the application, if the GST Officer is satisfied, he or she will issue an order to terminate GST registration in Form GST REG-19.
The following are some of the top reasons for voluntary GST registration cancellation:
Under CGST Rules,2017, any registered person can furnish an Export bond or LUT in GST RFD 11 without paying the integrated tax. They can apply for LUT if:
Voluntarily cancelling a GST registration can save the business owner from unnecessary hassles of filing GST returns each month and payment of penalty or late-filing fee.
Benefits of Voluntary GST Cancellation
If no business activity occurs after acquiring GST registration, the taxpayer must begin the GST cancellation process as outlined. If a taxpayer stops filing GST returns and allows his GST registration to lapse, he will be unable to apply for fresh GST registration using the same PAN.
Further, if the government cancels a GST registration, the taxable person must first apply for the cancellation to be revoked by paying any late fees. Following the restoration, appropriately cancel the GST or continue filing GST returns.
As a result, once a GST registration is received, the taxpayer must keep track of compliance. Hence, if there is no commercial activity, apply for GST registration cancellation as soon as possible.
Documents Required For GST Registration Cancellation
Frequently Asked Questions(FAQ's):
Yes, GST registration can be canceled voluntarily if the business ceases to exist or its turnover falls below the threshold limit.
To cancel your GST registration, log in to the GST portal, go to the "Services" tab, select "Application for Cancellation of Registration," fill out the required details, and submit the application.
Yes, if your turnover is less than 20 lakhs (10 lakhs for special category states), you can apply for cancellation of GST registration. Once your turnover falls below the threshold limit, you are eligible to cancel your registration voluntarily.
Upon cancellation of GST registration, the final return, known as the GSTR-10, needs to be filed. This return includes details of closing stock held on the date of cancellation and any liabilities or input tax credit adjustments. After filing the GSTR-10 and clearing all dues, the GST registration is officially cancelled.
The time limit for GST cancellation is typically within 30 days from the date of application for cancellation or from the date of occurrence of the event warranting cancellation, such as cessation of business. However, in certain cases, the tax authority may extend this period based on specific circumstances.
Yes, after cancelling your GST registration, you are generally required to file a final GST return. This return should cover the period up to the date of cancellation and must include details of any outstanding liabilities or credits. Make sure to comply with this requirement to properly close your GST account.
To obtain a GST cancellation certificate, you'll need to log in to the GST portal using your credentials. Navigate to the Services tab and select "Application for Cancellation of Registration." Fill out the required form and submit it. Once processed, you'll receive the GST cancellation certificate electronically through the portal.