A private limited co. Who has only 7 lakh rent income since 2017 want to cancel his GST number being below taxable ceiling i.e.20 lakh. In future if turnover crosses can he obtained fresh gst registration?
5 Replies
Nivesh tater
(Tax Executive at Mazars India Bangalore)
(205 Points)
Replied 05 June 2020
That wont be an issue.
KRISSHNAN KP
(4215 Points)
Replied 05 June 2020
Instead of cancellation of RC you may file return in quarter
Shivam RC
(Student)
(23683 Points)
Replied 06 June 2020
If your Aggregate Turnover is below the Threshold limit ( Rs. 20 lakhs ), then you may proceed to cancel your GST Registration now. No Problem. Why to take the unnecessary compliance hassle when your Turnover is quite below the prescribed turnover limit. Therefore you can surrender your RC now.
But in future, when your Aggregate Turnover exceeds the threshold limit of Rs. 20 lakhs, you have to apply for a Fresh GST Registration. No problem.
But in future, when your Aggregate Turnover exceeds the threshold limit of Rs. 20 lakhs, you have to apply for a Fresh GST Registration. No problem.
Jatin Bhatt
(Professional Consultant)
(30 Points)
Replied 06 June 2020
Dear Colleagues
Thank you very much for your valuable advise.
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