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Follow the Government Rules to Cancel GST Registration

Goods and Service Tax (GST) has revolutionized the business taxation system in India. It has brought several indirect taxes and services charged under one umbrella. GST reregistration is crucial for the smooth functioning of a business as well as the economy. However, in certain conditions, GST registration can be cancelled. Keep reading to know more about this matter.

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Follow the Government Rules to Cancel GST Registration

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  1. Follow the system and Government Rules to Cancel GST Registration GST was introduced in India in 2017. The GST regime has accumulated several types of indirect taxes and service charges under one roof with an aim to simplify the complicated taxation structure. GST registration is mandatory for all those businesses in India that have an annual turnover of more than 20 Lakhs. In case the business is spread in different states in India, then the business needs separate GST registration for all those states. This is applicable for both product business and services. On the hand, you can cancel GST registration under different conditions but you have to follow the system and rules of the Government. What does GST cancellation mean? GST cancellation simply means that the business or the taxpayer in India will not hold GSTIN anymore and they will not be answerable to any system under GST. They need not file GST return or need not collect or pay GST. For GST cancellation, the GST department provides guidelines and a cancellation application form. GST cancellation reasons GST cancellation can happen for different reasons. In some cases, the GST department can take initiative to cancel a registration while businesses or individuals can cancel GST registration voluntarily on valid grounds. In this matter, all subjects involved in this process need to follow section 29 of the CGST Act 2017. Some key points in this section mention –  If the business is discontinued, then GST is no more relevant for the business and its legal owners. If there is a significant change in the constitution of the company and ROC has accepted that change then the existing GST registration can become irrelevant. 

  2. If the annual turnover is not going to cross 20 Lakhs, then the company can decide to cancel their GST registration. If the name of the company has changed and is approved by the pertinent authority, then the existing GST registration can become irrelevant. If the company has merged with another company and both the company will work as a single entity.   In any case, cancellation of GST registration is a big decision for a company, enterprise, or individual. The registration process should be systematic and all dues are to be paid. It is always feasible to take expert assistance in this matter as the process needs documentation. uComply has been helping many organizations and individuals who want to cancel GST registration.

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