GST Registration Cancellation
GST stands for Goods and Services Tax. Moreover, it is a tax that is levied on goods and services to a person. It is a kind of indirect tax that replaced many other types of taxes. Even though, it is announced on 1st July 2017. GST is mandatory for certain businesses. Registered GST can be Cancelled by a certain officer, or by the registered person who has 15 characters GSTIN. Cancellation of GST registration means that the person is no more able to pay or collect GST Tax.
A GST can be cancel if,
- The registered person is no more conducting business.
- If the person has not filed the tax for 6 months.
- Voluntary Cancellation
- Discontinuity of a business
- Transfer of a business
- Change in constitution of a business
- Death of a proprietor
- Any other reason
Application for cancellation should be in FORM GST REG 16.
Accordingly, the following information must included in FORM GST REG 16
- Alternatively, cancellation is applied to details of inputs, semi-finish, and finish goods held in stock.
- Liability thereon
- Payment Details
- The Officer has to issue an order cancelation in the Form GST REG-19 within 30 days from the date the application. Afterward, the cancelation will be effective from a date, and he will notify the taxable individual.
- Cancelation of a registered individual- Form GST REG 16
- Issue a showcase notice for cancelation – Form GST REG 17
- Reply to show cause notice – Form GST REG 18
- Application for revoking the cancelation – Form GST REG 21
- Ordering revoking the cancelation – Form GST REG 22.