Steps to Get GST Cancelled Online
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Circumstances where GST registration is liable to be canceled. GST cancellation process is initiated due to the following reasons:
Following are the reasons for the cancellation of registration by the officer:
If the registration has been canceled on account of the failure of the registered person to furnish returns, no application for revocation of cancellation of registration shall be filed.
After furnishing the returns and payment of tax related to such returns, then an application for revocation of cancellation can be filed.
A registered person who has obtained separate registration for multiple businesses and who intends to transfer, either wholly or partly the unutilized Input tax credit lying in his electronic credit ledger to any newly registered place of business.
shall within a period of thirty days from obtaining such separate registrations, the details in FORM GST ITC-02A electronically on GST portal, either directly or through a facilitation center notified this behalf by the commissioner.
The input tax will be transferred through FORM GST ITC 02 A in the ratio of the value of assets held by them at the time of registration. Here ‘value of assets’ means the value of the entire assets of the business whether or not input tax credit has been availed thereon.
Yes the new entity here referred to the newly registered person(transferee) on the GST portal has to accept the details so furnished by the registered person(transferor) and after accepting it, input tax credit specified in FORM GST ITC 02 A shall be credited to his electronic credit ledger.
The GST cancellation process can be completed online:
During the pendency of proceeedings relating to cancellation of registration filed by the registered person, the registration may be suspended for such period such manner as may be prescribed.
The registered person shall not make any taxable supply during the suspension period and shall not be required to file any returns under Section 39 of the CGST act.
Update as of 24/05/2021
It was observed that a large number of applications for GST cancellation were not disposed of by officers within the prescribed time of 30 days. Guidelines have been issued for officers to accept GST Cancellation application within a period of 30 days from the date of filing of the application and disposing them except when the form is incomplete or any entity incorporated after an amalgamation has not obtained registration in GST and has applied for cancellation of the pre-merger entity.