Surrender of Certificate before you close your business

While Starting your business, you might have taken the registrations like Services tax, VAT, Excise, etc, It is mandatory to surrender these registrations before you proceed for closure.AKT Associates will help you to close all these registrations so that letter no department bother you. Expert advice, Minimum possible cost, and peace of mind post-closure are what you can expect from us.

Surrender of Certificate before you close your business

The registration you might have taken at the time of starting your business, need to be properly surrendered or canceled. Many of us believe it will automatically cancel once the business is closed. However, it is completely incorrect. If these certificates or registrations are not handled properly then either the business closure procedure  can be stuck or maybe after a few years back the department sends you a notice for late filing of return and penalty for the same 

Correct Procedure:-

Ideally before the closure of any business following steps should be followed

  • Finalization of Accounts till the date of closure: – We have explained this step in other article links of same is provided here winding up Ac Finalization. This step has to be done even there is no transaction for the period the only difference AKT Associates will charge the nominal fee.
  • Filing of Pending Returns:- After Final a/c is done we need to file all the pending returns like a service tax return, VAT Returns, etc. Even there is no transaction we need to file zero or NIL return. AKT Associates charges a nominal fee for filing NIL Return, further reducing your cost for the closure of defunct business
  • Surrender of certificates:– Once the pending return filled we can apply to concern department for surrender or cancellation of return, By submitting the specified form a, Final a/c and copy of filed returns.
  • Closure of business:– After all these procedures we will start the procedure to close the business.

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