GST Cancellation
If you are considering cancelling your GST registration due to
inapplicability or business closure, Lexprosoft offers
comprehensive advisory services to facilitate this process. Our
expert team will guide you through the entire GST cancellation
procedure, ensuring a streamlined experience. Whether your
decision stems from a valid reason or other circumstances, we
provide the necessary expertise to navigate the intricate
requirements of GST cancellation.
To initiate GST registration cancellation, you are required to
submit an application on the GST Common Portal using FORM GST
REG-16, accompanied by requisite information. Upon submission, the
GST officer undertakes verification of the application and issues
an order in FORM GST REG-19 within 30 days from the date of
application.
Lexprosoft is a trusted business platform that delivers end-to-end
incorporation, compliance, advisory, and management consultancy
services, catering to clients in India and internationally. Our
service offerings encompass GST registration, GST cancellation,
complimentary GST advisory, GST return filing, TDS return filing,
trademark registration, and more.
For a straightforward and cost-effective approach to GST
registration in India, connect with us to learn about the
application process, acquiring a GST number, and the essential
documentation required for GST registration.
Documents Required for GST Cancellation
The documents required for cancellation of GST registration
include:
Ensuring the submission of these documents is crucial for a
compliant and successful cancellation process.
Choose Lexprosoft for your GST Cancellation !
Lexprosoft offers seamless GST cancellation services tailored to
meet your specific needs. Whether you are closing your business,
changing its structure, or voluntarily opting out, our experts
ensure a smooth process. From preparing the application and
verifying documents to handling submissions and final compliance,
we take care of everything efficiently. With our personalized
guidance and post-cancellation support, Lexprosoft ensures a
hassle-free experience while adhering to all GST regulations.
Contact our Experts today and take the first step towards your
startup success!
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GST cancellation
FAQ's
What is GST cancellation?
GST cancellation refers to the termination of a taxpayer's GST registration. After cancellation, the taxpayer is no longer required to file GST returns or pay GST.
Who can apply for GST cancellation?
GST cancellation can be initiated by:
The registered taxpayer (voluntary cancellation).
GST officers (suo moto cancellation).
Legal heirs in case of death of a registered individual.
The registered taxpayer (voluntary cancellation).
GST officers (suo moto cancellation).
Legal heirs in case of death of a registered individual.
What are the reasons for GST cancellation?
Reasons include:
Discontinuation or closure of business.
Transfer of business ownership.
Change in business structure (e.g., sole proprietorship to partnership).
Taxpayers opting out of the GST composition scheme.
Non-compliance, such as non-filing of returns.
Discontinuation or closure of business.
Transfer of business ownership.
Change in business structure (e.g., sole proprietorship to partnership).
Taxpayers opting out of the GST composition scheme.
Non-compliance, such as non-filing of returns.
Can GST registration be canceled voluntarily?
Yes, taxpayers can voluntarily apply for cancellation if their business is no longer operational or their turnover falls below the GST threshold limit.
What is suo moto GST cancellation?
Suo moto cancellation is initiated by GST authorities due to non-compliance, such as:
Non-filing of returns for consecutive tax periods.
Providing incorrect or fraudulent information during registration.
Non-filing of returns for consecutive tax periods.
Providing incorrect or fraudulent information during registration.
What happens to the ITC after GST cancellation?
Unutilized Input Tax Credit (ITC) in the electronic credit ledger lapses upon cancellation. Taxpayers may need to reverse ITC on closing stock.
What is the timeline for GST cancellation?
Once the cancellation application is submitted, the GST officer must review and approve it within 30 days of submission.
What happens if GST is canceled but the business continues?
Continuing a business without GST registration is illegal and can lead to penalties, including fines and prosecution.
Can canceled GST registration be restored?
Yes, taxpayers can apply for revocation of cancellation within 30 days of cancellation if it was initiated by the GST officer.
Is there a penalty for late application for GST cancellation?
If a taxpayer fails to apply for cancellation after business discontinuation, they may incur penalties for non-compliance or failure to file returns.
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