WHAT IS MEANT BY GST Cancellation?
The GST registration can be revoked for specific reasons, either initiated by the tax department or upon a registered individual's request. If the registered individual passes away, their legal successors can request this cancellation. If the department initiates the cancellation, provisions exist for its reinstatement upon appeal. After cancellation, the individual must submit a concluding return, termed as the final return, to finalize the process.
GST Cancellation
Reasons for Potential GST Registration Cancellation:
- An individual previously registered under prevailing laws but not obligated under the GST Act;
- The business has ceased operations, undergone full transfer due to reasons like the proprietor's demise, merged with another entity, demerged, or otherwise transferred;
- Alterations in the business structure or constitution;
- A taxable entity, excluding those voluntarily registering under section (3) of CGST Act, 2017, no longer requires registration;
- Registration acquired through fraudulent means, intentional misrepresentation, or concealment of information.
Under GST regulations, a registration can be revoked for specific reasons. The cancellation process can be initiated either by the tax authorities or by the registered entity themselves. Additionally, in the event of the registered individual's demise, their legal successors have the option to request registration cancellation.
