A Quick Guide to GST Registration and Cancellation

1. A Quick Guide to GST Registration and Cancellation GST registration is known as a process, which facilitates a taxpayer to get himself registered under GST. As soon as the GST registration becomes successful, a unique registration number is assigned to the applicant. This is a 15-digit number, also known as Goods and Services Tax Identification Number (GSTIN), which is assigned by the Central Government once the taxpayers completes the registration process. Before we deep dive into the process, let us understand the type of GST registrations. As per GST Act, GST registration are of varied types as explained in detail below:  A common taxpayer: As an individual who is paying taxes fall under this category. There is no requirement to add any deposit to qualify as a normal taxpayer. Further, these taxpayers have no expiry date to this registration. Qualifying credit score: Those who desire to set up a seasonal shop or stall fall within this category. These individuals are required to deposit an advance amount, which stands equal to the expected GST liability. This stands valid until the time the stall or seasonal shop remains operational. The common duration of such category of GST registration is three months and is open for renewal or extension. Such category is flexible and open to GST registration cancellation. Composition taxpayer: This can be applied to by those who wish to obtain the GST Composition Scheme that comes with a flat deposit. But, payers cannot obtain input tax credit in this category.   On the contrary, those who wish to opt for GST registration cancellation must know certain guidelines around the same:

2. A registered taxable person has the option of applying for GST registration cancellation within a period of 30 days from the date of application. For online revocation procedure, follow the below given steps:    Visit the GST Portal at www.gst.gov.in. Add username and appropriate password of your account Access the GST Dashboard, choose services, go to registration and under registration, click on ‘cancel registration’ option In the select box, enter a valid reason for GST registration cancellation along with uploading supporting documents Select the verification checkbox and the authorized signatory name and fill the box with details.  