Summary
We at VGC can help you cancel your GST registration
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.
Cancellation of GST registration described that the taxpayer will no longer be a registered person under GST and will not have to pay/collect any GST, claim an input tax credit or file returns. GST registration cancelled is covered under Section 29 of the CGST Act and Rules 20 to 22 of the CGST Rules. Taxpayers who have previously registered under the GST Act may apply to cancel the registration of a GST at a certain time they feel compelled to close their business or in any other scenario. After the registration has been cancelled, the taxpayer is no longer required to pay tax or to collect tax from ordinary people.
You can cancel your GST registration if the GST rules don't apply to you or you are shutting down your business or profession, or the tax officer calls for cancellation.
Consequences of GST registration cancellation
- The taxpayer will not pay GST anymore
- For certain businesses, registration under GST is mandatory. If the GST registration is cancelled and business is still continued, it will mean an offence under GST and heavy penalties will apply.
Documents
Documents Required for GST Cancellation
- Form GST REG-16: It's required to be filed by the registered individual or taxpayer.
- Form GST REG-17: It is needed to issue show cause notice for the cancellation of registration.
- Form GST REG-18: It is required for a reply to Show Cause Notice.
- Form GST REG-19: The form is needed at the time of the dissolution of the order.
- Form GST REG-20: This GST cancellation form entails an order to drop the GST cancellation proceedings.
- Form GST REG-21: The form is needed at the time of ‘Revocation’ of the GST cancellation.
- Form GST REG-22: It is required for an order revoking the GST registration cancellation.
You will require the below-given information while filing an application for registration Termination in the REG-16 Form:
- Contact information, such as mobile number, email id, etc.
- Reasons for registration Termination of Goods and Services Tax
- Address of the main business site
- GSTIN
- Chosen Termination date for registration
- Information about business registration if the business unit was merged, collaborated, or transferred
- Facts of the return with the specific return's ARN
Contact us today at info@vgccs.in to learn more about our services and how we can help your business grow.