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ALL ABOUT SURRENDER OF GST

HOW TO SURRENDER THE GST AND WHEN IT CAN BE CANCELLED

Now a Days, GST is that the most discussing topics in India. All folks are still confused about the method for registration, filling the return forms, tax challan, e-way bill and other forms for GST. It’s also mandatory sure other individuals including UIN holders, e-commerce operators, persons deducting TCS/TDS, etc. of these entities at interludes need to file GST returns and took rules & regulations stated under the GST Act aside from provisions specified for registration.

Central Tax Authority will cancel the GSTIN issued to the tax payer by the Cancellation of GST Registration. With the help of GSTIN Cancellation he will not be the authorized person anymore and irrecoverable from him as he is not registered person under GST and there is no system to pay or collect the GST anymore. There are numerous amount of cases in which GST is required to get cancellation. But today’s era a significant issue which is rising is that the mode to surrender our GST Registration and where to surrender for GST Registration Certificate.

If in case you got the GST registration by fault and allotted with the registration certificate from the GST department and there is further compliance need to do without any work. If you have got wrongly registered for GST and need to surrender your GST Registration, one can cancel GST Registration as long as the annual turnover of his business is a smaller amount than 20 lacs (total of sale and unregistered purchase). Application for cancellation, made only after one year from the date of registration in case of voluntary registration.

What do you mean by cancellation of registration?

In simple terms it signifies that now taxpayer will not be treated as GST registered person anymore. He is not required to pay or collect GST.

Consequences of Cancellation

The taxpayer will not pay GST anymore

For certain businesses, registration under GST is compulsory. If the GST registration is got cancelled and work of business is still continued, it will mean an offence under GST and heavy penalties will levy.

Who can get the GST registration at cancellation terms?

  1. Requested by taxpayer: Whether turnover is less than 20 lakhs or other case
  2. Tax officer
  3. Legal heirs in case of death of taxpayer

Cancellation of GST when sales is less than Twenty Lacs

Every person who have registration under previous laws had to compulsory migrated to GST. Persons out of them are not liable to be registered under GST.

Cancellation by taxpayer in other cases

  • Need of cancellation of registration arises in which circumstance:

The business has been superseded. Any kind of alteration in the business formation from which entity got lapsed in that case transferee has to get the registration and the transferor need to  cancelled the GSTIN that have been allotted. There is an alteration in the structure of the business (For example- Private limited company has changed to a public limited company).

  • Track GST Cancellation Status Online

Under ‘Services’, click ‘Registration’. Many options will be displayed by clicking on the Registration you need to click on the ‘Track Application Status’ option. By the name First is ‘ARN’ and also Second is ‘Submission Period’. Tick the ‘Submission Period’ choice and plug the date after you moved for GST Cancellation so submit ‘Search’ all above option are on the Dashboard.  Once the status is ‘Approved’ after some days of submission of application for GST Cancellation. This type is that the acknowledgment certificate for your GST Cancellation. To help you understand GST Cancellation procedure, we've created an info graphic on GST Cancellation talks about the procedure moreover because the ways during which GST Cancellation takes place.

Cancellation by tax officer

Conditions for cancelling by tax office are:

Registered holder

  • Not doing the business from the place for business mentioned by him
  • Disrupts the fraudulent act that's violation of GST Act altogether
  • Providing bill or invoice which is against the act

Procedure

  • If the authorized officer have strong cause for the gst registration cancellation the notice will be served to that person in the Form GST REG-17.
  • Reply need to be made in 7 days start from the date of serving of notice by providing the reason for not to get the GST cancellation.
  • Cancellation of order can be done in the form GST REG-20 in case reply is established as suitable.
  • The authorized officer will issue an order in FORM GST REG-19 in thirty days, If the registration is liable to be cancelled.

Final Returns

When the registering of a registered person aside from an Input Service Distributor or a non-resident taxable person or individual paying tax under the composition scheme or TDS/TCS; has been void, the person has to submit a final return within 3 months of the date of cancellation or date of cancellation order, whichever is later, in FORM GSTR-10 with the help of the collective portal either directly or through a Enablement Centre specified by the Commissioner.

Conclusion

It’s also mandatory sure other individuals including UIN holders, e-commerce operators, persons deducting TCS/TDS, etc. of these entities at interludes need to file GST returns and took rules & regulations stated under the GST Act aside from provisions specified for registration. If in case you got the gst registration by fault and allotted with the registration certificate from the gst department and there is further compliance need to do without any work. Every person who have registration under previous laws had to compulsory migrated to GST. Persons out of them are not liable to be registered under GST. Any kind of alteration in the business formation from which entity got lapsed in that case transferee has to get  the registration and the transferor need to  cancelled the GSTIN that have been allotted. In case of diseased persons also GST required to get cancelled by the help of the legal heirs. Once the status is ‘Approved’ after some days of submission of application for GST Cancellation. This type is that the acknowledgment certificate for your GST Cancellation.

For further queries please contact us on: Email Id Swati@neusourcestartup.com and Phone Number 9540026175.

The NeuSource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company registration, GST Registration, Copyright Registration, ISO Registration Trademark registration and other FSSAI License etc.

04 Jul

Jagriti  Mehndiratta
CS Jagriti Mehndiratta

Success usually comes to those who are too busy to be looking for it and there’s no shortage of remarkable ideas, what’s missing is the WILL to execute them. Neusource will help you out in flourishing you idea into remarkable ones.