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GST is known as the Goods and Services Tax. It is an indirect tax that replaces many indirect taxes in India like the excise duty, VAT, services tax etc. The GST Act was passed in the parliament in 2017 in the month of March and it came into effect on July, 2017.GST is levied on the supply of goods and services. This tax law is a comprehensive, multi stage and destination based tax that is levied on every value addition. In this post, we are covering GST Registration Cancellation.
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Cancellation of GST registration means that the taxpayer will not be a GST registered person. The person would not be required to pay or collect GST.
GST registration Cancellation can be done by any of the following:
The registration may be cancelled due to the following reasons:
The consequences of cancellation of GST registration would be:
GST is an entirely new tax regime in India, and we believe that GST will control the inflation rate and it will benefit both consumers and manufacturers by bringing transparency in the overall indirect tax of the country.
Read our article:
Overview of GST on Advertisement Services and its Taxability
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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