Businesses which have migrated to the GST regime but wish to cancel their registration can do so now on the GSTN portal.

The utility named ‘Cancellation of Registration of Migrated Taxpayer’ has been launched on Wednesday on the GST Network (GSTN) portal, its CEO Prakash Kumar said on Wednesday.

There are over one crore registered taxpayers in Goods and Services Tax (GST) regime. These include over 72 lakh businesses which have migrated from the earlier excise, service tax or VAT regime, and 28 lakh fresh registrations.

“Migrated businesses with turnover up to Rs 20 lakh who have not issued invoice can cancel their registration on the portal now,” Kumar said.

The utility REG 29 is available on the portal just below the profile section once a taxpayer logs into GSTN.

Since only over 50 lakh businesses on an average file returns every month, it is felt that there would be many businesses which do not need to file return and pay taxes under GST regime, which kicked in from July 1. Businesses with turnover up to Rs 20 lakh are exempt from GST.  #casansaar (Source - DailyPioneer)