Cancellation of GST registration simply means that the taxpayer will not be a GST registered person any more. He will not have to pay or collect GST.
Consequences of Cancellation
The taxpayer will not
pay GST anymore
For certain businesses, registration under GST is mandatory. If the GST registration is cancelled and business is still continued, it will mean an offence under GST and heavy penalties will apply.
Who can cancel the GST registration?
Cancellation of GST registration can be done by-
*** Application for cancellation, in case of voluntary registrations made under GST, earlier could have been made only after one year from the date of registration. This provision stands rescinded.
Let us take up each case.
Cancellation of GSTIN for Migrated Taxpayers
Every person who was registered under erstwhile indirect tax laws had to mandatorily migrate to GST. Many such persons may have not been liable to be registered under GST.
For example, the threshold under VAT in most states was 5 lakhs whereas it is 20 lakh* under GST. However, do make sure you are not making inter-state supplies since registration is mandatory for inter-state suppliers except for service providers…Read more>>
Source:-techiyogiz
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