GST Surrender – GST traders coming within GST limits after the entry into force is essential to the GST registration. But, there are many people who do not even need it. The government has now given the option to Surrender such registration.
The GST system has been implemented by eliminating the different types of taxes in the country. Earlier, merchants had to fill out forms for different registration of taxes like sales tax, wattage tax, etc. Only one registration has to be done after the GST regime is implemented. While implementing the GST regime, it was said that the businessmen whose income would be more than 20 lakhs per annum would have to get GST registration, which was later increased to 40 lakhs.
Procedure for Surrender GST registration
There were many small and medium-level businessmen who got GST registration but their annual turnover is less than 20 lakhs or 40 lakhs. Now it is difficult in front of such businessmen that it does not even come under the purview of GST but tax has to be paid equally. In view of the problems of similar traders, the government also implemented the system of Surrender GST registration. In this blog, let us understand how can GST registration be Surrendered?
Who has got the facility to Surrender GST registration
There is an option to cancel GST registration but not all people have got this facility. Let us know who has got the facility to Surrender GST registration:
- The person who has registered GST, himself
- The successor of a person registered in GST (legally valid)
- Those whose turnover is less than 20 lakhs annually
- A registered person who has closed his business