GST Cancellation / GST Surrender
GST Cancellation / GST Surrender is the process of closure of GST Number, it is required in closure of business. Sometimes GST Officer carries out GST Cancellation / GST Surrender if GST Return was not filed for consecutive periods.
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GST Cancellation / GST Surrender can initiate by three modes:
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- On account of discontinuance or closure of business.
- On account of transfer / amalgamation / merger of business to another entity.
- Due to change in the constitution of business leads to generation of another PAN card.
- On account of not crossing the threshold limit and the registration is not compulsory.
- Tax payer has contravened the provision of the Act or rules made there-under
- Tax payer (other than composition scheme) has not furnished returns for continuous period of six months.
- Tax payer who opts for composition scheme has not furnished returns for three consecutive tax periods.
- Tax payer under voluntary registration has not commenced business within six months.
- Tax payer has obtained GST registration by means of fraud, wilful misstatement or suppression of facts.