The Methods and Reasons of GST Registration Cancellation
There can be willing GST Registration Cancellation with the right attributes. This is possible when the business becomes resting. When the business is not making any profit the cancellation should take place at the earliest. The registration can also get canceled with the action of a GST officer especially when the business turns non-compliant. Once the registration gets canceled the entity or the person will no longer need to file the return and there is no necessity for paying or collecting the GST. Once the individual desires to cancel the registration a request should be placed with the GST department at the earliest.
There is the process of Cancellation of GST Registration online following which you can easily claim a share of the profit percentage. The details are mentioned in Form GST REG-16. After the feasible reviewing of the application once the GST officer is happy with everything an order will be issued for the termination of nullification of the GST registration. There are various reasons why the registration gets canceled. The registration can get canceled due to the sudden close down of the business. It can even happen in case of transference of business and also in matters of amalgamation. The registration gets canceled due to the sudden change of the constitution of the business and this can cause a change in the PAN.
There can be a Cancel GST Registration when the turnover gets reduced drastically and it goes below the threshold limit of the GST registration. The same can even get canceled with the demise of the business owner. The voluntary cancellation of the GST registration can help in saving the business owner from the unwanted problems of filing the GST return on monthly basis. In the process, an officer can take the right initiative in canceling the registration under the GST. For this, the officer should have the experience and expertise to do so.
After you have placed the Application for Cancellation of Registration the main process begins. The cancellation will start with the issuing of the show cause notice and this is mentioned in Form GST REG-17. The officer can immediately start the cancellation process if the taxpayer fails to file the GST returns continuously. The registration can get canceled when an individual files for the registration but does not have any business venture for the coming six months. The registration gets canceled when the registered taxpayer has gone against the norms and rules mentioned in the sections of the GST Act. You have the Procedure of GST Cancellation and things get nullified in case you have achieved the registration through fraudulence. You can have viable cancellation of the registration when the taxpayer is supplying the services and the goods without a proper invoice. In case, the process is done by the GST officer he should notify the concerned person before the cancellation happens. This is when the taxpayer gets the opportunity to produce his reasons before the registration gets canceled. The kind of notice will make it possible for the taxpayer to know the date and time when the registration would get nullified.