What is the process of surrender of GST number?
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If your business no longer requires GST registration—perhaps because you’ve ceased operations or your turnover falls below the threshold—you can surrender your GST number. Here’s a clear, step-by-step process: 1. Prepare for Surrender Clear Pending Compliance:Ensure that all GST returns are filed anRead more
If your business no longer requires GST registration—perhaps because you’ve ceased operations or your turnover falls below the threshold—you can surrender your GST number. Here’s a clear, step-by-step process:
1. Prepare for Surrender
Clear Pending Compliance:
Ensure that all GST returns are filed and any outstanding tax or interest liabilities are settled. This is crucial before initiating the surrender process.
Review Your Business Status:
Confirm that your business no longer meets the mandatory registration criteria.
2. Log In to the GST Portal
Access Your Account:
Use your credentials to log in to the official GST portal. This is where you’ll initiate the surrender process.
3. Submit the Cancellation Application
Find the Cancellation Option:
In the portal’s dashboard, look for the option to “Cancel/ Surrender Registration”.
Fill Out the Form:
Complete the required form (commonly known as GST REG-16). Provide accurate details about your business and the reason for surrendering your GST registration.
Upload Supporting Documents:
Attach any necessary documentation that confirms your business has either ceased operations or no longer meets the criteria for registration.
4. Submit and Wait for Processing
Application Submission:
Once the form is completed and all documents are attached, submit your application.
Review by the Authorities:
The jurisdictional officer will review your request. If everything is in order, your GST registration will be canceled.
Confirmation:
You’ll receive a notification from the GST department confirming the cancellation of your GST number.
5. Post-Cancellation
Keep Records:
Retain a copy of the cancellation confirmation and related documents for your records.
Update Your Business Practices:
Ensure that you update your invoicing and accounting systems to reflect the change.