GST or Goods and Services Tax have been on the news and the minds of the citizens for quite a while now. If you are a business owner, then GST most likely affects you and is more important to you than anybody else. However, there may be instances when you might need to cancel your GST registration, and that can seem like a very complicated and long drawn out process. If you are planning on closing down your business, or if GST does not apply to you, you might need to cancel your GST registration, and even though it seems like a difficult process, it is fairly simple.
In this article, you will find out how to cancel your GST registration with the help of this specially designed step by step guide made just for you! So, what are you waiting for? Read now to find out how!
What does Cancellation of GST Registration mean?
Cancellation of GST Registration can be made by any taxpayer who is no longer eligible to pay off collect GST. It essentially simply means that you do not have to pay or collect the goods and services tax anymore.
What happens when you cancel GST Registration?
Cancelling your GST registration, of course, has consequences. The main of those and the most significant ones are listed below for your benefit.
• The taxpayer who cancels their GST registration will not have to pay these particular goods and services tax anymore and will be exempt from paying it.
• If you have a business for which GST registration is mandatory, canceling it will mean going against the law of the land. In technical terms, this is called an offense under GST and can cause you to incur heavy penalties if you continue to run your business even after the GST registration is canceled.
Cancellation of GST Registration by Tax Officer
The GST registration of your business may be canceled by a tax officer in any one or combination of the following offenses:
• Issuing bills and invoice without providing the good and services that your business deals in.
• The business is not conducted from the location that is specified as the official location of the business.
• Violating the postulates of the anti-profiteering provisions in some form or manner.
GST Registration cancellation is a fairly simple and easy process that can be completed online if it is the taxpayer who wishes to cancel the GST Registration. However, in case your GST Registration has been canceled by a tax officer for some reason, and you have a business for which a GST Registration is mandatory, it is advisable to get your GST registration renewed before you resume your business. This is to ensure that you do not get into trouble later on.