Hello All, I have registered for VAT CST last year in the month of August. I have not made fair business and wanted to cancel the reg. Now I came to know that I had to pay quarterly return and my lawyer never told me about this. So it becomes about 7K with late fine. Trust me I have not even made a profit of 1000 bucks. Anyway If i need to cancel it I have to pay the debts. So will I get the security deposit of 25000 back if I pay the fine and apply for cancellation? Please help..
Cancelling a Vat number is a complicated procedure. You will get the refund of the security deposit on successful cancellation of the vat number.
Thank you for your reply. Can you tell me if I can apply for cacellation now? I have not even completed 12 months after registration.
Yes you can apply for cancellation.
Is there any penalty for this?
Penalty would be levied for non filing of periodical returns. It could be condoned though as you haven't done any business and there is no vat payable.
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