GST Cancellation
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GST Cancellation
There are certain circumstances that may compel a taxpayer to opt for a surrender of GST registration. Given below are some of the cases where a taxpayer may opt for the GST cancellation procedure:
- An accidental GST registration, that can cause unnecessary GST liability.
- If the turnover of an individual is below ₹20 lakhs, and he has registered under GST, he can opt for GST cancellation.
- Dissolution or amalgamation of business, GST cancellation procedure is a must to avoid getting tax notices from the government.
- Suppose the government raises the threshold for GST registration, and you get out from its cover, you can opt for GST cancellation in India.
- In case of a take-over bid, a surrender of GST registration is a must or the GST tax liability will continue to arise under the previous owner’s name.
At the 28th GST meeting, the government has changed the GST cancellation procedure. Henceforth, the GST certificate shall be suspended immediately after the application for surrender of GST registration. Thus, no GST liability shall arise once you have applied for the cancellation of GST registration.
When is legal GST cancellation India enforces?
Non-filing of GST Returns: If a registered person under the regular scheme has not filed GST Returns for 6 months in a row.
Filing of Composite GST Returns: If a registered person under the composite scheme has not filed GST Returns for 3 months in a row.
No business activity: If anyone has opted for GST registration under the business name but has not begun any trade in the 6 months since the date of registration.
Unlawful GST Registration: If anyone has registered under GST through deceptive means, his GST Certificate will be canceled immediately with retrospective effect.
Non-payment of GST: In case any GST tax evasion is found out from the taxpayer’s side, his GST Certificate will be canceled as a suitable legal action.
Flout of norms: GST registrant has violated any rules or provisions as, under CGST Act 2017, he will be subject to statutory GST cancellation.
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