GSTINs: 50,298 GSTINs canceled in Gujarat in Q1 FY 2025

Ahmedabad: Gujarat’s entrepreneurial spirit has seen a marked rise in the number of new companies, small and medium enterprises, and startups over the years. However, due to the rising incidents of bogus registrations, coupled with businesses suffering losses or undergoing consolidation, several GST identification numbers (GSTINs) in the state are getting cancelled too! From April to June this year, 50,298 GSTINs were canceled.This comprises 53.72% of the total GSTINs canceled in the entirety of FY 2024.
In the last financial year, from April 2023 to March 2024, 93,613 GSTINs were canceled. Of these, 29,110 businesses were shut due to closure upon application from the concerned unit, according to data by the state goods and services tax department. This means the corresponding number of businesses have either shut down or consolidated.

Senior SGST officials cite reasons like suo moto cancellation of GST registrations along with shutdownsmergers, acquisitions and consolidations of businesses are among possible reasons.
“People often obtain GSTINs voluntarily, anticipating good business. In certain cases, things do not work out and such trade or business often end up facing hefty penalty for not filing returns. “As a result, many surrendered their GSTINs,” said a source in the SGST department.
“Meanwhile, mergers, acquisitions and consolidations took place in a big way over the past couple of years, which also led to the surrender of GSTINs. “At the same time, those who were not doing economically well in specific sectors also shut down their businesses,” the source further added.

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