GST cancellation

GST cancellation

Are you no longer liable to collect and pay GST? Are you migrating or shutting down your venture due to any reason and longing to get your GST cancellation done?

Well, if your answer is a YES, we congratulate you for landing at the right place where all your questions would be resolved instantly. 

So let's first understand what's GST registration all about? 

Under the rules set by the government, the process of registration varies from business to business. For some ventures, GST registration is a mandatory gambit. On the other hand, according to the standard norms, any business with an annual turnover above Rs. 40 Lakhs is required to register as a taxpayer. Similarly, for the northeastern states, the same turnover limit is just Rs. 10 lakhs annually. 

Who is authorized to cancel GST registration? 

The process of cancellation can only be done by: 

●     Tax officer

●     Legal heirs of the tax officer, in unfortunate circumstances such as a death of a tax officer. 

Reasons (or eligibility) for getting GST cancellation done 

1. A decrement in the annual turnover below the set limit.
2. Transfer of business to a different city with different norms.
3. Permanent closure of the venture.
4. An amendment is the constitution of a company. 

What is the procedure for getting your GST registration canceled? 

In case you are eligible for GST cancellation, you are required to file an application in FORM GST REG 16. 

After filling in the necessary details, the concerned officer would issue the final order for cancellation in FORM GST REG-19 within 30 days of application and the same would be notified to the applicant. 

For different cases, there are different application forms.

Undesired Cancellation of Registration by the Tax Officer 

A tax officer is liable to cancel your registration if: 

●     There is some falsity in the declared nature of the business or the declared place of carrying it out.

●     Manipulation in the set laws in any way.

●     Refraining your customers from enjoying the benefits of ITC. 

The procedure for such a cancellation would be different from the one stated above.  

Revoking the Cancelled Registration 

Revocation is only possible if the tax officer has canceled the registration on his own motion. In order to do so: 

●     You are required to file a request application in FORM GST REG-21 within 30 days from the date of cancellation.

●     Now:

1)    if the officer is satisfied by your request, he would proceed with the process of revocation in the FORM GST REG-22.

2)    If not, then the officer could reject the revocation request by an order in FORM GST REG-05.  

Thus, it is always advisable to keep your records clean and follow the norms set by the government to ensure smooth functioning of your venture as failure to get your registration canceled or not getting GST registration done (if eligible for any) would lead to a violation and hence heavy penalties.

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