Yes, GSTIN can be canceled under the following three scenarios:
The taxpayer can request cancellation if they are shutting down their business, if turnover is less than the stipulated threshold or if the company format changes or from other causes.
The Tax Officer may cancel the GSTIN on account of any irregularities they may find. In that case, a show-cause notice will be served to the taxpayer who will have to reply within seven days. If the officer is satisfied, he will drop the cancellation. If not, he will pass an order for cancellation within 30 days of reply.