It is required when the business turnover is less, company is dismissed and there is a change in the constitution of the firm.
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GST cancellation means that the taxpayer is not a registered GST person anymore.
It is mentioned under the Section 29 of the CGST laws.
The threshold limit for GST is 40 lakh.
According to the GST cancellation laws, fraudulent businesses have ceased to exist and unscrupulous methods of maximising revenue have been stopped.
GST cancellation provides businesses with the flexibility to restructure their operations or change their business model without the burden of GST obligations. This enables them to adapt to changing market conditions and business strategies more effectively.
Cancelling GST registration ensures that businesses comply with the legal requirements when they are no longer liable to collect and remit GST. It helps avoid potential penalties or legal issues associated with non-compliance.
By cancelling GST registration, businesses can save costs associated with maintaining GST compliance, such as professional fees for filing returns, audit fees, and other compliance-related expenses.
It is required when the business turnover is less, company is dismissed and there is a change in the constitution of the firm.
It says that if a person fails to file an annual return for three months after 30th April of a particular year, then the GST registration can get cancelled.
No, this cannot happen.
Businesses that have the GST registrations cancelled before 31st December, 2022 due to non-filing of tax returns can apply for revocation.
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