Under the GST regime, if a registered taxpayer decides to stop doing business or if the GST authorities cancel the GST registration for any reason, the taxpayer needs to surrender their GST registration by filing an application for GST Surrender.
The process of GST Surrender involves the following steps:
File an application for GST Surrender in Form GST REG-16 on the GST portal.
The application must be filed within 30 days from the date of the cessation of business or the date of cancellation of the GST registration by the authorities.
The taxpayer must pay any outstanding tax liability, interest or penalty before filing the application for GST Surrender.
The authorities will verify the application and may ask for additional documents or information to process the application.
Once the application is verified, the authorities will cancel the GST registration and issue an order for cancellation of registration in Form GST REG-19.
It is important for taxpayers to file an application for GST Surrender and follow the process as per the GST regulations. Failure to surrender the GST registration may result in the authorities taking further action against the taxpayer. Therefore, it is advisable to seek professional help if necessary to ensure compliance with GST regulations.