When to cancel my GST registration?
You must cancel your GST registration within 30 days if:
- You stopped making taxable supplies and do not intend to make taxable supplies in future; or
- Your business has ceased; or
- Your business is transferred as a whole to another person (the new entity needs to determine if it is required to register for GST ); or
- Your business constitution has changed (e.g. sole-proprietorship business converted to a partnership or vice versa, partnership converted to limited liability partnership, etc). The new entity needs to determine if it is required to register for GST
You may also choose to cancel your GST registration if
- You are certain that your taxable turnover for the next 12 months will be $1 million or less; and
- You are not under voluntary registration for less than two years.
How to cancel?
The person duly authorised to access myTax Portal to submit GST returns can log in to myTax Portal to apply for cancellation of GST registration online. Please refer to our user guide on " Apply for Cancellation of GST Registration online " (1.59MB) for details. We usually take 1 to 10 working days to process the online applications. Most cases will receive a confirmation of approval on the day of application.
After submitting application for cancellation of GST registration
You will be notified of the approval for your application and the effective date of cancellation of GST registration (i.e. date of de-registration), the day when you must stop collecting GST.
You have to continue to fulfil your obligations as a GST-registered person (e.g. charge GST, submit GST returns) until the last day of the GST registration, one day before your effective date of cancellation of GST registration.
Upon notification of approval of cancellation
You must stop collecting GST from the effective date of cancellation.
A final GST return (GST F8) will be issued to you to file and account for GST up till the last day of the GST registration, one day before your effective date of cancellation of GST registration. You are required to submit the GST F8 and account for GST within 30 days from the end of the prescribed accounting period stated on the return.
For example, you are under monthly filing frequency and your effective date of cancellation is 1 Jan 2015. The GST F8 will be issued for the period of 1 Dec 2014 to 31 Dec 2014.
In addition, you have to submit all outstanding GST returns and payment, if any.
Accounting for GST for assets held at point of de-registration
In your final GST return (GST F8), you need to account for output tax on taxable assets (including capital assets and inventories) that are still on hand as at the last day of GST registration.
GST has to be accounted for (at the prevailing rate) based on the open market value on the last day of registration. This is the price that you will pay if you purchase the asset on that day.
- If the total value of business assets (which you have claimed the input tax previously) held on hand as at the last day of registration is not more than $10,000, you need not account for GST on all the business assets.
- If you have transferred the whole business as a going concern to another GST-registered business, you also need not account for GST on all the business assets held on hand.
- If you did not claim input GST on these assets previously, you need not account for GST on them.
So long as you are GST-registered, you are required to submit GST returns. If you do not have any business transactions for the accounting period covered in your GST return, you should submit a nil return (i.e. fill in “0” in the boxes).
If you have ceased your business and you have stopped making taxable supplies, please apply for cancellation of GST registration online via myTax Portal .