GST Surrender on voluntary basis
This query is : Resolved
27 March 2023
Can we surrender gstin if my projected turnover will be less than 40 lakh this year.
27 March 2023
Not possible, unless you shut down the business completely.
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27 March 2023
Sir,
thanks for replying.
still can I surrender gstin if my all turnover would be exempted/nil rated.
thanks for replying.
still can I surrender gstin if my all turnover would be exempted/nil rated.
27 March 2023
There is no such provision in act. You may close & restart the activity, that could be one of the options.
28 March 2023
Yes you can surrender the GSTIN if your turnover falls below registration limit. You can also surrender if all your supplies are exempted.
28 March 2023
The query is based on estimated/projected data for current year and not based on preceding year data.
28 March 2023
Registration is taken if turnover limit exceeds of current year and not preceding year
28 March 2023
It is well understood when the querist asks for surrender of registration means he is not asking for new registration in current year.
28 March 2023
Yes but if he knows that his business has reduced and that his turnover will not exceed the threshold he can apply for cancellation.
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28 March 2023
Good loophole in the act. We would cancel the registration of our clients based on the assumption/estimation of current year (whatever be the turnover in preceding year) and re-register whenever the turnover exceeds the limit.
Thank you for the suggestion.
Thank you for the suggestion.
28 March 2023
It is no loophole
It is a totally business decision to surrender registration if turnover below threshold.
It is totally unwise to de-register and re-register since every time a new gst number will be generated and difficult to update it with all vendors and authorities.
It is a facility which should be taken when a genuine reduction of business has taken place and the decision is to be taken rationally.
It is a totally business decision to surrender registration if turnover below threshold.
It is totally unwise to de-register and re-register since every time a new gst number will be generated and difficult to update it with all vendors and authorities.
It is a facility which should be taken when a genuine reduction of business has taken place and the decision is to be taken rationally.
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