GSTIN: 50,298 GSTINs Cancelled in Gujarat in Q1 FY25

Ahmedabad: Gujarat’s entrepreneurial spirit has seen a marked increase in the number of start-ups, small and medium enterprises and startups over the years. However, due to rising cases of fake registrations, coupled with companies incurring losses or going through consolidation, several GST Identification Numbers (GSTINs) in the state are being canceled too! From April to June this year 50,298 GSTIN numbers were cancelled. This is 53.72% of the total GSTINs cancelled during the full fiscal year 2024.
In the last financial year, from April 2023 to March 2024, 93,613 GSTINs were cancelled. Of these, 29,110 companies were closed down due to closure at the request of the relevant entity, as per the state GST department. This means that a corresponding number of companies were closed down or consolidated.

Senior SGST officials cited reasons such as immediate cancellation of GST registration along with exclusionsPossible reasons include mergers, acquisitions and consolidations of companies.
“People often get GSTINs voluntarily, expecting good deals. In some cases, things don’t work out and such trade or business often ends up with heavy penalties for non-filing. As a result, many of them surrendered their GSTINs,” said a source in the SGST department.
“Meanwhile, mergers, acquisitions and consolidations have taken place on a large scale in the last few years, which has also led to the abandonment of GSTINs. At the same time, those who were not doing well economically in specific sectors have also closed down their businesses,” the source added.

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