Goods and Services Tax (GST) is a combined policy for the indirect tax that is inclusive of CS, Service Tax, VAT, Central Excise duty, Entertainment Tax, etc. and is applicable all over India effective from 1st July 2017.
This is why it is mandatory for all the Business-holders who have their annual turnover exceeding 40 Lakhs INR or supply their Goods and Services inter-state or via an E-commerce platform.
About the same, Registration for GST might turn out to be a difficult task but the cancellation for the same is even more so.
It is also to note that in the case of voluntary registrations under GST, an Application for Cancellation shall only be made after completion of one year from the date of Registration.
In a case where the individual or business entity, or the legal heirs of the deceased individual, wishes to cease the GST Registration of the business concern, They must Apply for the cancellation of GST registration in the Form GST REG 16.
Revocation means to revoke a decision or application in this case. Revocation of cancellation of GST Registration means that the application of cancellation of registration has been counteracted or reversed and that the registration will still be valid.
The Revocation is only applicable when the GST officer has cancelled the registration of the Taxpayer on his own accord. The affected Taxpayer can apply to the officer for the revocation of cancellation within 30 days with effect from the cancellation order.
After having the GST Registration Cancelled, the Taxpayer will not be liable to pay GST anymore.
In a case where the business must have registered under GST and they have their Registration cancelled but the business activities continue to run, then it will be treated as an offence under the Goods and Services Act and will be levied with a heavy penalty.
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