Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The addition of the provisions with respect of suspension of GST Registration to monitor the GST registered taxpayer. With the introduction of these provisions, anyone who has applied for cancellation of GST Registration, will be unbound to comply with the GST return filing procedure during the period of suspension, in so doing it reduces the cost of compliance for the taxpayer.
Table of Contents
GST stands for Goods & Services Tax, which is an indirect tax and it replaced many direct taxes like VAT, excise duty, etc. The GST Act was passed on 29th March, 2017 w.e.f 1st July, 2017.
Benefits of GST
The Indian Government introduced a new concept of suspension of GST Registration. Rule 21A of the GST Rules 2017[1] that deals with suspension.
Sub- rule 2A of rule 21A of the GST Rules states that if any proper officer finds any differences by:
The officer needs to issue Form GST REG-31 to intimate the taxpayer of the discrepancies. He also has to mention that the GST registration may be cancelled, if the proper explanation is not given.
The officer can order for suspension under Rule 21A (2A), if he is not satisfied with the furnished information. The suspension can be lifted upon the receiving of a satisfactory reply from the taxpayer.
As per the rule 21A the period for suspension can be:
Effect of suspension of GST Registration
Once a person’s GST is suspended, he:
The reduction in the compliance is an advantage in the whole process of the suspension of GST Registration enjoyed by the taxpayer.
With the introduction of these provisions, anyone who has applied for cancellation of GST Registration will be unbound to comply with the GST return filing procedure during the period of suspension, in so doing it reduces the cost of compliance for the taxpayer.
The suspension will be done in the following manner:
Notably, Form GST REG-31 is not available on the GST portal and accordingly the suspension notice/ intimation, for the time being, would be available in Form GST REG-17.
The suspension can be revoked after completion of GST registration cancellation proceedings. The revocation of suspension would be effective from the date the suspension has come into effect.
GST is the only indirect tax applicable since 2017 and it is important to know the intricacies of the concept. The article talks about the suspension , its grounds, effect and the duration. It also talks about the process by which GST Registration can be suspended by the officer.
Read our article:How to Change GST Registration details of a business in Easy Steps
A joint venture is a strategic business arrangement in which two or more companies collaborate...
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
Are you human?: 3 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
GST registration certificate is issued in the form GST REG-06. It is a digitally signed system generated Certificat...
25 May, 2023
As technology gets advanced day by day, various states have leveraged the use of technology to take their business...
14 Jul, 2021
Chat on Whatsapp
Hey I'm Suman. Let's Talk!