Revoke Cancelled GST Registration : Deadline June 30

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It’s important to keep track of your GST Registration.

Furthermore, failure to do GST Return Filing on time can result in cancellation of GST Registration.

This is a major setback for any company.

However, there is good news.

The government has recently announced that businesses whose GST registrations were cancelled can now apply for revocation of the cancellation.

In this post, we’ll discuss the latest announcement made by the government to revoke cancelled GST Registration

We will also understand other updates for GST Return Filing.

Revoke Cancelled GST Registration: Latest Update

Before June 30, 2023, businesses that had their Goods and Services Tax (GST) registrations cancelled for not filing returns before December 31, can request for the cancellation to be revoked.

However, they must first settle any outstanding taxes, interest, and penalties.

Also Read: Revocation of cancellation of GST registration

CBIC notification regarding deemed withdrawal of GST assessment proceedings

According to a notification issued by the Central Board of Indirect Taxes and Customs (CBIC) on April 1, taxpayers who file their pending GST returns GSTR-10 and GSTR-3B will have their assessment proceedings under the GST Act deemed to have been withdrawn. 

However, this provision will only apply to pending assessment proceedings before February 28 for which the returns have not been filed.

Important Note: The notification also clarifies that taxpayers who have already paid their taxes or penalties will not be eligible for any refund or adjustment resulting from the deemed withdrawal of assessment proceedings.

Deadline Relief: Finance Ministry Caps Late Fee for GSTR-10 Final Return Filing

The Finance Ministry has also announced that taxpayers who fail to file their final return in Form GSTR-10 by the due date will be subject to a capped late fee of ₹1,000. 

This applies only to registered persons who opt for cancellation of their GST registration and furnish the return by June 30, 2023. 

As per the law, taxpayers who cancel their GST registration must file the GSTR-10 final return within three months of cancellation.

To ensure compliance with GST regulations and to seek expert advice on tax-related matters, it is always advisable to seek assistance from a qualified CA.

Centre Announces Rationalised Late Fee for GSTR-9 and GSTR-10 Forms

Lastly, the Indian government has announced rationalised late fees for delayed filing of annual returns in Form GSTR-9 and for the GSTR-10 final return.

Registered businesses with an aggregate turnover of up to Rs 5 crore in the relevant financial year will be charged a late fee of Rs 50 per day for delayed filing of the GSTR-9 form, capped at 0.04% of their turnover. 

Businesses with an annual turnover of Rs 5 crore to Rs 20 crore will be liable to pay a late fee of Rs 100 per day, capping at 0.04% of their turnover. 

Take a call from Expert

Additionally, the CBIC has notified a full fee waiver for delayed filing of the GSTR-4 form with nil tax payable.

In conclusion, all these measures aim to provide relief to small businesses and simplify the tax filing process.

GSTN launches e-invoice registration services with private IRPs

Moreover, If you want any other guidance relating to GST Registration online, please feel free to talk to our business advisors at 8881-069-069.

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