🚨 Important Update: Withdrawal from Rule 14A
Taxpayers registered under Rule 14A of the CGST Rules, 2017, can now withdraw from this scheme. Here is your comprehensive guide.
Eligibility for Withdrawal
- Taxpayers with a monthly B2B output tax liability exceeding ₹2.5 lakh
- Those who have opted for the QRMP scheme
The Withdrawal Process
To initiate the exit, you must:
- File an application in FORM GST REG-08
- Effective Date: The withdrawal becomes effective from the date of filing the application.
Consequences
- Automatic shift to the normal tax regime.
- Requirement to comply with regular filing frequencies and payment schedules.
Important Notes
- Permanence: Withdrawal is permanent; re-registration under Rule 14A is strictly not allowed.
- Compliance: Ensure full compliance with all existing GST provisions prior to withdrawal.
Action Point:
If you are considering withdrawal, consult a tax professional and file FORM GST REG-08 immediately to transition smoothly.
If you are considering withdrawal, consult a tax professional and file FORM GST REG-08 immediately to transition smoothly.
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