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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
GST is an all-around indirect tax paid on the supply of goods and services in India, intended to replace several indirect taxes formerly charged by the government.
Have you ever wondered what happens if the company is going out of business, changing its operations significantly, or joining forces with another company? In this scenario, cancelling your GST registration might be necessary and understanding How to cancel GST registration online is an important question that may leave you confused.
This involves a specific process to ensure all tax liabilities are settled, and the GST department is informed about the changes. Let’s delve into the details of how to close GST number account.
In the world of Goods and Services Tax (GST), GST registration cancellation is exactly what it sounds like it is the process of formally ending your GST registration with the tax authorities. This means you’re no longer required to collect GST on your sales or file GST returns. It’s a way to officially step away from the GST system if your circumstances change.
We have got you covered if you are wondering How to cancel GST registration. GST cancellation is the formal process by which a business is removed from the GST system. It can be requested if the company is terminated, its activities change, merge, or is transferred, the company is not established before the deadline, or the turnover is low. if you want to know How to cancel GST number, follow these steps:
One needs to meet the eligibility criteria for GST cancellation; confirmation of this ensures there is no unnecessary delay in the process. The following are the necessities for GST cancellation.
Businesses that wish to cancel their GST registration must be up to date on all tax obligations. Before the cancellation process begins, all unpaid taxes, fines, and interest must be paid.
The applicant entity must submit all GST returns for the applicable tax periods on time. This ensures that the company’s reporting requirements are met and that there are no outstanding return submissions.
The applicant’s current stock must not contain any unused Input Tax Credits. This ensures that no credit balances can provide someone an unfair advantage after the cancellation. Additionally, after cancellation, ITC cannot be claimed.
The corporation should not become engaged in any GST-related litigation, disputes, or legal actions. cancellation is typically not permitted if the company is being investigated or is involved in a legal issue.
The tax authorities should not initiate any audits, inquiries, or assessments against the company. Normally, cancellation is suspended while these proceedings are underway.
The corporation must also follow all other legal requirements, such as GST and other relevant legislation. This assures that the corporation has a clean legal record.
The GST cancellation tax authorities have set particular circumstances under which the cancellation of GST registration is permitted. Here is a detailed explanation of when the GST registration cancellation is allowed.
A business entity’s GST registration may be canceled if it ceases operations permanently. This could happen as a result of bankruptcy, liquidation, retirement, or any other situation that forces the company’s operations to halt.
A company can request its GST registration be terminated if its operations fundamentally change, resulting in a transition from taxable to exempt supplies or vice versa.
When a commercial organization is transferred, merged, or amalgamated with another corporation, its GST registration may be canceled.
A company becomes eligible for cancellation when its total yearly turnover falls below the GST threshold. Businesses that have previously registered but are currently experiencing a downturn in sales can benefit from this provision.
A business entity may choose to cancel its registration if it receives GST registration but does not begin operations within a particular time limit.
If a company registered under the composition scheme decides it no longer wishes to benefit from the scheme’s benefits, it may opt-out and cancel its registration.
In addition to voluntary cancellation, tax authorities may terminate a taxpayer’s GST registration under certain conditions. An authorized GST officer may begin cancellation by sending a show-cause notice on Form GST REG-17. These causes may be.
Entities that are ineligible for GST cancellation do so because their specialized duties or statutory restrictions prevent them from applying. This includes entities with certain statutory requirements. Let us take a brief look at various situations where entities are ineligible for GST cancellation:
Individuals or businesses that are particularly registered to deduct or collect taxes are ineligible to request the cancellation of their GST registration.
Entities or individuals with a UIN (Unique Identity Number), such as foreign diplomatic missions, are prohibited from applying for GST registration cancellation. This UIN is assigned to them largely so that they can claim tax refunds on received items.
now that you know how to cancel GST registration, you also understand that it is necessary for firms that are about to close, combine, or modify their operations. Businesses can ensure a smooth and compliant cancellation by following the necessary procedures on the GST site and completing the eligibility requirements. It is critical to stay educated and engage with tax professionals in order to know this procedure successfully. Whether it’s a voluntary cancellation or a mandate from a GST officer, it can help you avoid legal or financial consequences. Even if you cancel your registration, take the appropriate steps to ensure your firm complies with GST requirements.
1
One can cancel GST registration for the following reasons: No longer being required to pay GST, the business constitution has changed, there has been a merger, the business is closing, a lone owner is dying, etc.
2
You may revoke GST cancellation by filing Form REG-21 within 30 days of requesting cancellation. This must be done through the GST portal or the GSTN itself.
3
A request for cancellation of GST registration may be rejected if the application submitted is incomplete or if the integrated entity does not have a valid GST registration after the transfer, merger, or amalgamation of the business.
4
The taxpayer will no longer be a GST-registered individual if their registration is cancelled. They will not be required to file GST returns because they will not be required to pay, collect, or claim the input tax credit.
5
No, there is no government fee; however, a professional fee may be charged by the CA or person filing your GST cancellation application.
6
Once your application is approved, the process to complete your GST registration can take up to 15 days. However, depending on the complexity of your application and the amount of work done by the GST department, this can take up to a month. In some cases, the process may take more than 15 days.
7
A taxpayer whose GST registration has been cancelled by the proper officer can apply for cancellation by filling out the GST REG-21 form. This application must be submitted within 30 days of receiving the notice of cancellation of GST registration.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
