GST Cancellation & Revocation @ Rs. 1,999
in 3 simple steps, you get
- Documents Review
- Expert Support
- Affordable & Convenient
- GST Cancellation Certificate
Planning to cancel your GST number?
Introduction
GST (Goods and Services Tax) cancellation is a critical step in the life cycle of a business in India, signalling the conclusion of its obligations and liabilities under the GST regime. Cancellation/ revocation becomes important when a business undergoes significant changes in its operations, structure, or when it ceases to exist. Understanding the implications and reasons for GST cancellation is crucial for businesses to maintain compliance and avoid any legal repercussions.
GST cancellation is the formal process of discontinuing a business’s registration under the Goods and Services Tax Act, 2017. This entails the removal of the business from the GST system, relieving it from the responsibility of collecting and remitting GST on its supplies. The cancellation is reflected in the GST portal, and the business is no longer considered a taxable entity under GST.
Documents Checklist
Before initiating the cancellation process, ensure you have the following documents ready:
- GST Registration Certificate
- PAN card of the business
- Identity and address proof of promoters/partners/directors
- Bank account details
- GST returns filed up to date
- Financial statements
process
Cancellation Process
in 3 Simple Steps
At Bright Accounts, we have simplified the process of cancelling or revoking your GST Registration into 3 simple steps. This makes your journey smooth, structured and easy.
- Pre-application
- We collect basic information
- Gather required documents
- Drafting & Application
- Review the GST
- Apply online for cancellation
- Upload necessary documents and proof
- Approval
- Obtain GST Cancellation Certificate
After successful submission and verification you will be provided with a GST Cancellation Certificate.
When do Businesses opt for GST Cancellation
Business Closure
When a business decides to close its operations permanently, GST cancellation becomes imperative. This could be due to various reasons such as financial challenges, strategic shifts, or retirement of the business owners.
Transfer of Business
In case of the sale or transfer of a business, the existing GST registration may not be suitable for the new owner. Cancelling the existing registration and obtaining a new one ensures proper compliance for the acquiring party.
Change in Business Structure
If there is a significant change in the structure of the business, such as a merger, demerger, amalgamation, or a change in the constitution, GST cancellation may be necessary to align the registration with the updated business details.
Non-Commencement of Business
If a business registers for GST but does not commence its operations within a specified period, it may choose to cancel its registration to avoid unnecessary compliance requirements.
Threshold Limit
Businesses with an annual turnover below the prescribed threshold limit may opt for GST cancellation if they no longer qualify as a taxable entity. However, this decision should be made after careful consideration of future growth plans.
Understanding when to go for GST cancellation is crucial to prevent non-compliance issues and legal consequences. At Bright Accounts, we specialise in guiding businesses through this process, ensuring a seamless transition and compliance with regulatory requirements. Our expert team is here to assist you in every step of the GST cancellation journey.
What do you get
GST Cancellation & Revocation simplified
Cancel your GST Registration conveniently and in a timely manner with the help of Bright Accounts. Our services are reasonably prices and carried out by experts.
- Review of Documents
- GST Cancellation Certificate
- Expert advice you can count on
- Our bright support on every thing needed to complete the registration.
Why Bright Accounts
There are many reasons why clients choose Bright Accounts, but from our experience we have listed the four main reason why you should go with us.
Bright & Knowledgeable
Bright Accounts delivers high quality financial services by a team of bright and knowledgeable experts.
Always happy to help
Bright Accounts commit to provide dedicated support and assistance to our clients.
Professional & Approachable
We maintain a high level of professionalism while being easily approachable for our clients.
Easy & Quick
We focus on streamlining and simplifying the complex processes for our clients.
Checklist for Cancellation
- GST Registration Certificate
- PAN card of the business
- Identity and address proof of promoters/partners/directors
- Bank account details
- GST returns filed up to date
- Financial statements
Have a question regarding Cancellation/revocation of GST. Speak with an expert
Frequently Asked Questions
The timeline varies based on the outstanding claims and balances, but we would finish the filing process within 7 workings days.
No, it’s crucial to clear all pending returns before initiating the cancellation process.
All liabilities must be settled before cancellation. Any pending amounts may impact the approval process.
While there is no strict time frame, it is advisable to initiate the GST cancellation process as soon as the decision to close the business is made. This ensures timely compliance and prevents any unnecessary complications.
Upon GST cancellation, businesses need to reverse the ITC claimed on their remaining stock. The reversal is based on the applicable formula, and any excess ITC may be required to be paid back to the tax authorities.
It is advisable to resolve any ongoing investigations or legal proceedings before applying for GST cancellation. The tax authorities may withhold the cancellation process until such matters are resolved. A clean record facilitates a smoother cancellation process.