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GST Cancellation
All you need to know
In case you want to cancel your GST registration because GST is not applicable to you or because you are closing down your business or profession. Or there is some other valid reason due to which you want to cancel your GST registration, ebizfiling will help you with an end-to-end advisory.
To cancel a GST registration, an application must be submitted on the GST Common Portal in FORM GST REG-16 along with the required information. On submission of an application for cancellation of GST registration, the GST officer is required to verify the application and issue an order in FORM GST REG-19, within 30 days from the date of application.
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ESSENTIAL
- GST Cancellation Application
Compliance Requirements for a Partnership Firm
Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.
Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.
Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.
firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency
Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.
Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.
Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.
Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.
Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.
Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.
Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.
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Get answers to all your queries
- A registered taxpayer can apply if: The business is closed. The annual turnover is below the threshold limit. There is a change in business structure (merger, sale, etc.).
- You can apply for cancellation online through the GST portal (www.gst.gov.in) using Form GST REG-16.
- Yes, the department can cancel it due to: Non-filing of GST returns. Fraudulent activities. Violation of GST laws.
- You must apply within 30 days of the reason for cancellation.
- Yes, you must file a Final Return (GSTR-10) within 3 months of cancellation.
- You may still be required to file returns and could face penalties for non-compliance.
- Yes, you can apply for a new GST registration if needed.
- It typically takes 30 days, but it may take longer if verification is required.
- Yes, you must pay any pending tax liabilities before cancellation.
- No, once GST is cancelled, you cannot collect GST or issue tax invoices.
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
