There could be many reasons someone would want to surrender the goods and services tax (GST) number. Chances are, you are no longer liable to be registered under GST because your business turnover went down. Or your private company is gearing up to go public. Or you may have discontinued or disposed of your business. Or you may have obtained the GST registration by mistake.
Whatever the case, in this blog, we’ll detail how to surrender your GST number (GSTIN).
Surrendering or cancelling the GST number means your business, or you won’t be registered anymore. You wouldn’t be expected to either pay or collect GST nor would you be able to claim input tax credits (ITC).
To cancel your GST number, follow these steps:
To complete the surrender of your GST number, you must apply for cancellation via GST REG 16 form. The form must contain the following details:
Within 30 days of submitting this form, the respective officer must issue an order for cancellation in another form called GST REG-19. You can track the registration status by visiting the portal and clicking on Services > Registration > Track Application Status option.
Once you file for cancellation, you will receive an acknowledgement via text message. However, surrendering the GST number while your business continues to function is considered an offence under the GST Act and attracts heavy penalties. If you plan to continue your business, you can re-apply for a GST number on the GST portal.
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You must file a return in the form GST REG-16 form to cancel your GST number. You will also have to visit the GST portal and apply for cancellation, providing relevant details and documents.
You will require the following documents: