Top Reasons Why Businesses Cancel GST Registration

Businesses may choose to revoke their GST registration. Although it may initially appear perplexing, there are obvious explanations for this. Let's examine why businesses opt for GST Registration Cancellation Online . 1. Business Turnover Falls Below the Threshold 2. Business Closure 3. Change in Business Structure 4. No Longer Supplying Goods or Services 5. Voluntary Registration Not Needed Anymore 6. Merging with Another Business 7. Switching to a Different Tax Scheme 1. Business Turnover Falls Below the Threshold: A decline in turnover is one of the primary reasons firms cancel their GST registration. You no longer need to register for GST if your yearly income is less than Rs. 20 lakh (or Rs. 10 lakh in states that fall under specific categories). For instance, a freelancer or small business might no longer make enough money to cover the GST threshold. To minimize needless compliance in these situations, it makes sense to cance...