Cancellation of GST Registration

Cancellation Of GST Registration

The registered organization or person may make cancellation of a GST registration, the person’s legal heirs (if the person has passed away), or the GST officer. Cancellation of GST registration results in the entity no longer being subject to the requirements of the GST and frees them from the need to submit GST returns.

If the firm continues to operate after the termination of the GST registration, doing so would be considered a violation of the GST standards. The individual or business in question must make a significant financial penalty payment. It is strongly recommended that you do not go on with the company after handing in your GST registration; doing so might end up in prison.

Who Among Them Has The Authority To Terminate The GST Registration?

A notification will be sent to the taxpayer from the Officer’s end before the cancellation of the registration, and the cancellation of the registration will take place within seven working days of the receipt of such notice. The registration procedure will be terminated if the taxable individual does not answer within the allotted period.

Within the allotted amount of time, the person who is registered may provide a response to the show reason notice; otherwise, the GST registration will be terminated.

• The individual who is registered cannot engage in any business or activity.
• Have not issued an invoice or bill since doing so would violate the GST standards and imply that products have been supplied.
• If the GST-registered person or company has not submitted any GST returns in the last six months.
• If the registered individual cancels their GST.
• Reasons such as the transfer of a firm, a merger, de-merger, or amalgamation, as well as other possibilities.
• At the end of the business day.
• If the company’s policies are modified, the PAN could shift directly.
• The annual turnover falls below the mandatory bare minimum required for GST registration.

Forms Required to Submit Before The Cancellation Of GST Registration

The taxpayer is required to complete Form GST REG 16 to terminate their GST registration. Specifics and paperwork that need to be completed for a successful GST cancellation process are as follows:

• Specifications of the inputs, semi-finished items, and completed goods already in stock are subject to cancellation.
• Liability
• The specifics of the payout
• FORM GST REG 16: Cancellation by a registered person.
• Show-cause notice for cancellation: Form GST REG 17.
• Application for the revoking cancellation using Form GST REG 18.
• Reply to the show cause notice using Form GST REG 21.
• Order revoking cancellation using Form GST REG 22.