3.4L GST registrations cancelled over 3 years

GST registrations of over 3.49 lakh business establishments has been cancelled in Haryana, Punjab, Himachal Pradesh and UT Chandigarh during the last three years due to various reasons, including discontinuation of business.

As per the date shared by the Union minister of state for finance Pankaj Chaudhary in the Rajya Sabha on Tuesday, over 2.20 lakh business faced GST cancellation in Haryana beginning financial year 2021-22 till Jun 30.

Similarly, Punjab had 84,101 such businesses which faced GST cancellation, 36,987 businesses closed shops in the hill state of Himachal Pradesh while in UT Chandigarh 7,540 businesses shut shops during this period.

Chaudhary, while responding to a question by Parimal Nathwani who is an industrialist and MP of YSR Congress from Andhra Pradesh, mentioned that the major reasons for cancellation of GST registrations since financial year 2021-22 are discontinuation of business, death of proprietor and failure to furnish returns.

The other reasons for cancellation of GST registration have been merger or amalgamation of business, non-compliance of provisions of law, change in constitution of business, invalid bank account, registration obtained by means of fraud, willful misstatement or suppression of facts. Overall, the GST registration has been cancelled of over 48.58 lakh businesses across the country during the last three years.

Source: The Times of India