GSR Surrender
GST surrender also known as GST cancellation can be done voluntarily
by the registered person.
It is a simple online process wherein user have to fill-up the details
and then apply for cancellation.
Once the application is submitted, it is verified by the GST tax
officer and if satisfied, officer allows the cancellation and awards
the status for the same. If in doubt, officer can ask for
clarifications.
While applying for cancellation/surrender of gst, the registered person has to fill basic details which include the address for further communication by the department.
Thereafter, the registered person has to select a suitable reason for cancellation of registration.
The GST portal provides five reasons which are as follows-
- Change in constitution of business leading to change in PAN
- Ceased to be liable to pay tax
- Discontinuance of business/ closure of business
- Transfer of business on account of amalgamation, merger, demerger , sale, leased or otherwise.
- Others (here the registered person has give a brief description)
After this the taxpayer has to settle his tax, interest and penalty liability, if any, before submitting the application.