GST (Goods and Services Tax) is an integral part of the Indian business landscape. Businesses might have to cancel their GST registration due to various reasons. Following are the over of GST cancellation, including its process, eligibility criteria, and important considerations.

GST Cancellation

It is a voluntary cancellation by a taxpayer or mandatory termination of a GST registration by the tax authorities due to non-compliance or specific conditions. 

Eligibility for GST Cancellation:

1. Discontinuation of business activities.
2. Change in business structure or ownership.
3. Transfer, merger, or amalgamation of the business.
4.  No longer liable to pay GST (e.g., turnover below the threshold).

GST Cancellation Procedure:

1. Visit the GST portal and log in to your account.
2. Access the “Services” tab and select “Cancellation of Registration.”
3. Provide the necessary details, like reasons for cancellation, final return filing, and payment of any pending liabilities.
4. Submit the application and receive an acknowledgment.

Important Considerations: 

1. Final Return Filing: Businesses must ensure all pending returns are filed accurately like GSTR-1, GSTR-3B, and any other applicable returns.
2. Clearing Dues: Any outstanding tax liabilities, interest, or penalties must be fully paid before cancellation.
3. Input Tax Credit: Any unutilized input tax credit available should be reversed or adjusted appropriately.
4. Surrendering GST Certificate: After the cancellation process, businesses should surrender their GST certificate to the concerned tax authority.