GST Cancellation

GST Cancellation Services

If your business no longer falls under GST requirements, is ceasing operations, or if a tax officer requests it, you can proceed with GST registration cancellation. Startup Club India is here to help you out with GST cancellation in Delhi.

What is GST cancellation?

Once the cancellation of GST registration is done, the taxpayer loses their status as a registered GST individual or business. He/she will no longer be required to pay or collect GST, claim input tax credit, or file for GST returns.

Consequences of GST Registration Cancellation

The following are some of the consequences of GST cancellation:

• The taxpayer will no longer have to pay for GST anymore

For some businesses, GST registration is mandatory. If the GST registration is cancelled and the business is still ongoing, then it will mean an offence under GST and heavy penalties will be applied

Reasons to Cancel GST Registration

The reasons to cancel GST registration are listed below:

• When the company is going out of business
• If the PAN card details are significantly altered or the business undergoes a structural change.
• If the company has undergone a demerger, merged with another entity, or been sold off.
• If the company changes hands entirely, like in cases where the original proprietor is no longer alive.

If the company's total turnover does not exceed the prescribed limit

How to cancel GST registration?

Follow the following steps to cancel your GST registration:

• Go to the official website of the GST portal and log in to your business account.

• On your dashboard, go to the service section and choose "Registration" from the drop-down menu. Click on "Application for Cancellation of Registration," which will lead you to three main sections: Basic Details, Cancellation Information, and Verification.
• Fill in all required fields and hit ‘Save and Continue.’ If your future correspondence address is identical to your business address, select the ‘Same as the above’ option.
• Provide the specific reason for requesting the cancellation of your GST registration.
• Once you provide the cancellation reason and necessary details, the ‘verification’ option will appear. Enter the name of the authorised signatory and the declaration location, then complete the OTP verification.
• This step is applicable only when no invoice has been generated. If an invoice has been issued, the taxpayer is required to submit GST REG-16. Once a taxpayer submits GST REG-16, the tax officer is required to process and cancel the GST registration within 30 days. 

Conclusion

Cancelling your GST registration is essential if your business no longer meets GST requirements or is shutting down. However, failing to comply with mandatory GST registration rules can lead to penalties. Startup Club India makes the GST cancellation process in Delhi smooth and hassle-free, ensuring you meet all legal obligations without complications.