Businessmen can now cancel their business registration on GSTN Portal online

Those businessmen who registered their business according to GST Rules but want to cancel their GST registration now can cancel GST registration on GSTN portal. Today on October 26, cancellation option of the Registration of Migrated Taxpayer have been introduced on the GST Network (GSTN). On GSTN portal, now the utility REG 29 is available which is just below the profile section once a taxpayer logs into GSTN they can easily find these option for cancellation. According to the government, there is more than 1 crore registered taxpayers in Goods and Services Tax (GST) regime, in which include 28 lakh are registered as fresh and about 72 lakh businesses which have migrated from the earlier excise, service tax or VAT regime.

Prakash Kumar CEO of GST portal said that, The utility named ‘Cancellation of Registration of Migrated Taxpayer’ has been launched today on the GST Network (GSTN) portal. Prakash Kumar also introduced that “Migrated businesses with turnover up to Rs 20 lakh who have not issued invoice can cancel their registration on the portal now”.

On an average only about 50 lakh businesses file their returns every month, it is felt that there would be many businesses which do not need to file the return and pay taxes under GST rules, which started from 1st July 2017. Businessmen having their businesses with turnover up to Rs 20 lakh are exempt from GST regime.