GST was introduced in India in 2017 to bring multiple service charges and indirect taxes under one roof. However, if you don't need a GST, you can cancel it anytime. However, you should know that GST cancellation and GST registration are two separate entities, and this article will only focus on the cancellation of GST registration.
In general, you can opt for GST registration cancellation if you are discontinuing your business or if you don't need this registration. You can cancel your GST registration by filling out the GST cancellation form.
A GST registration can be cancelled by:
A few of the cases where GST cancellation is required are:
Here is the step-by-step guide for cancelling GST registration:
Step 1: Visit the official GST portal
Step 2: Click on ‘Registration’ and then on ‘Application for Cancellation of Registration’ under ‘Service’
Step 3: Fill your details in:
Then click ‘Save and Continue’
Step 4: Enter the reason behind your GST termination. You will like to see the following reasons:
Step 5: A 'verification' dialogue box will pop up upon providing the reasons behind the cancellation. Here, provide the names of the authorised signatory and the place of declaration. You will also receive an OTP for verification purposes. Then choose an ideal option for cancellation.
While filling out the GST cancellation form, you need a few important information as discussed below:
Before cancelling GST, you must also know about a few consequences of your action. In this regard, two of the most serious consequences include the –
As mentioned earlier, the government introduced the GST for the simplification of tax and its better functioning. However, it would help if you remembered the difference between revocation and cancellation of GST registration. Also, a GST cancellation can be initiated by an officer, a registered person, or a legal heir of a registered person.
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