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
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.
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.
CAclubindia
