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GST Cancellation
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
What is GST Cancellation?
Cancellation of GST registration simply means that the taxpayer will not be a GST registered person anymore. He will not have to pay or collect GST or claim the input tax credit and accordingly, need not file GST returns.
Once GST Registration will get cancelled following will be consequences
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.
Reasons for GST Cancellation
Following are the main reasons for GST Cancellation
Non – compliance: If a taxpayer fails to comply with GST requirements, such as failing to file returns for an extended period of time, authorities have the authority to terminate their registration.
Business Discontinuation: When a company closes or is sold, the GST registration becomes obsolete and is subject to cancellation.
Changes in Business Structure: Certain changes in business structure, such as amalgamation, demerger, or ownership change, may result in GST cancellation.
Voluntary Cancellation: Taxpayers who no longer wish to continue their GST registration may request for voluntary cancellation. Details of external supplies of goods and / or services subject to affected taxes.
on-resident foreign taxpayer.
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GST Final Return Filing
A GST Final Return is a return that must be made by a registered individual when their GST registration is cancelled. A registered individual who cancels their GST registration must file a final return within three months of the cancellation date. This return will include information on all supplies made and received during the registration period, as well as the tax liability and input tax credit claimed.
The GST Final Return is a summary of all transactions that occurred during the registration period, including information on all taxable supplies, exempt supplies, and non-GST supplies. It also includes information on all input tax credits claimed as well as any outstanding tax liabilities. Even if no transactions occurred throughout the reporting period, the Final Return must be filed.
Once the Final Return is filed, the GST officer will review it and may request further information if necessary. If the officer is pleased with the return, he will issue a Form GST REG-06 acknowledgement. The GST Final Return acts as the registered person’s account closure with the GST administration.
It is vital to note that if a registered person fails to file the GST Final Return within the stipulated time limit, they would be fined Rs. 100 per day, up to a maximum of 0.25% of their sales in the state or union territory. Therefore,
Benifits of GST Registration
Interstate Sales
Competitive Advantage
Competitive Advantage
After Getting GST registration Certificate, businesses can easily sell goods and services across states, broadening their market reach.
Competitive Advantage
Competitive Advantage
Competitive Advantage
Businesses registered under GST are often perceived as more reputable and reliable, providing them with a competitive advantage
Input Tax Credit
Competitive Advantage
Input Tax Credit
Registered businesses can claim a credit for the GST paid on Purchase of goods & services, which helps in decreasing their tax liability.
Credibility
Competitive Advantage
Input Tax Credit
GST registration can improve a business’s credibility with customers and suppliers.
Legal Protection
Access to Government Contracts
Reduction in Tax Evasion
GST registration provides legal protection to businesses, and operating without it can lead to legal implications
Reduction in Tax Evasion
Access to Government Contracts
Reduction in Tax Evasion
There are many strict, specific, and followable rules that have been generated with the appliance of GST. It provides a specified structure for paying the tax and reduces corruption.
Wider Customer Base
Access to Government Contracts
Access to Government Contracts
Being Registered with GST can lead to new opportunities with these clients since many corporations and governmental organizations are required to work only with registered suppliers.
Access to Government Contracts
Access to Government Contracts
Access to Government Contracts
Businesses with GST registration could gain eligibility for participation in government contracts, unlocking growth opportunities.
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