GST News: What will happen to your GST if your business ever closes? Tax expert Sharad Kohli told on CNBC Awaaz’s special show Tax Guru.
GST registration is very important for running a business because if you do not have GST registration, action can be taken against you under tax evasion. You can fill GST registration online sitting at home and for this you do not need to spend a single penny. But what if your business closes? Will you have to do GST Deregistration in case of closure of business? Tax expert Sharad Kohli explained its rules on CNBC Awaaz’s special show Tax Guru.
What to do if business closes?
VV Rao from Bangalore told Tax Guru that his jewelery business has been closed and he has made all the payments, so now can he file the final return for deregistering GST?
How to deregister from GST
In response to this, tax expert Sharad Kohli said that when you request to close the business on GSTIN, or when its cancellation order comes, you will have to file GSTR 10 (called terminal return) within three months and The matter will be closed here. Only after this your connection with GST will end.
It should be known that GST applies to all businesses. GST reduces the tax burden and ensures compliance in tax payment. Along with this, GST also makes it easier to do business.
