Goods and Services Tax (GST) was implemented by the government in 2017 as a new tax system in the country. GST helps eliminate the chances of the state and the central governments in India levying multiple taxes on the same product multiple times. While you do need GST registration to file returns as a business, you can also easily cancel your registration online through the GST Portal, in case you are no longer liable to pay taxes, closure of business, or discontinuation of business activities.
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