Q: what may be the implications?
A: I assume you are were a business man and now wants to work with some company on its payroll. Things you have do. 1 Cancel your service tax registration number, as you will have to submit returns even though you do not have income from business. 2. Send a letter to professional tax department that you are discontinuing your business and will be working with some company on its payroll. This should end all the harassment you may face in the future.