Take Expert Assistance to Cancel GST Registration

1. Take Expert Assistance to Cancel GST Registration Cancellation of GST registration indicates that the taxpayer will not be registered under GST anymore. Before initiating the process of GST cancellation, the taxpayer is required to pay all the overdue liabilities of GST. Moreover, the taxpayer must cancel the input tax in the input stock, finished as well as semi-finished goods, and capital goods or the output tax on all these goods, whichever is more. The registration allowed under GST can be revoked due to certain reasons and the process can be initiated by the registered person or the department. Once the cancellation is granted by the department there takes place a provision of revocation of the process of cancellation is. While canceling the GST registration the taxpayer needs to file a return which is termed a final return. Let us dig into the deeper side of the topic to know more about the GST cancellation process. In any case, take expert assistance to cancel GST registration. What is the procedure for the cancellation of GST registration? Following are the two steps of GST registration cancellation are briefly discussed below: Step 1: The cancellation application of GST registration can be submitted using the GST REG-16 Form. Below are the important details that need to be included in the cancellation application:     Contact address including the e-mail address and contact number as well. Reason for cancellation The preferred date for the cancellation Details of the value of the input stock and tax payable on the same along with inputs available in both semi-finished and finished goods, and plant and machinery/ capital goods. Entire details of the current return on GST filed by the individual as well as the ARN of the specific return. 

2. Step 2: In this phase, the GST officer will review the application thoroughly and if all the documents comply with the rules he/she will issue an order of cancellation in GST REG-a9 Form within a tenure of 30 days from the date of application. The effective date of cancellation will be decided by the Officer, and it will be notified to the taxpayer at the right time. What are the consequences of GST registration cancellation? There might be two kinds of consequences:   The taxpayer will not be liable to pay GST anymore Since GST registration is mandatory for certain businesses, if the business activities remain continued even after cancellation this is considered illegal and a heavy fine can be applied to the individual. End Note Finally, for individuals who want to cancel GST registration, it is better to consult a professional who can monitor the cancellation process and makes the entire process simple and easier for them. You can consult UComply to make the procedure smooth sailing.