Good day @prmanhas-MSFT
If I understand the question correctly then the OP ask about SQL Server on Virtual machine and your response was about Azure SQL Database.
Moreover (assuming we are speaking on Azure Database)...
use the import/export service to export a copy of your DB to blob storage
This is a very bad idea in my opinion. import/export create a copy and not a point in time backup. you might lose data or get inconsistent data! I highly recommend to search a recording of one of my lectures regarding the internals of bacpac files - there are versions online in Hebrew and English.
change the service tier to Basic to minimize your bill.
This is the only clear way which should be done in most cases.
drop it and restore
This is great solution (as you wrote) in some cases. This is a real backup/restore and it is safe to be used (no data lose like in bacpac option for example) as long as your backups are still available (azure keep the backup for limited time)
If weeks then exporting the database and importing when needed is another option.
Again, Highly NOT recommended if you cannot confirm that no data was lost, as explain above.
Azure SQL Database Serverless
This is a great solution for most cases that we need Azure Database to be used for short time from time to time, like the one described here (if it was about Azure Database). This service was designed for such cases, but this mean that we are NOT using SQL Server on VM but a database level service which is totally different level of control.
### Good day @vendooKumar-8455
How can I temporarly stop paying for SQL Server Pay-as-you-go license hosted on Azure VM
You cannot. Even when the VM is closed you still pay for the SQL Server licence.
I want to stop paying for SQL Server License for couple of days/weeks.
You can backup the VM -> remove the VM -> restore the VM
It is very complex solution, which personally I did not find any scenario that might fit this option yet, but it is an option, so you should know about it and check if this fit your needs.
SO, What next?
(1) Use the right edition with lower cost, which fit your needs
If you use the server only for development and tests, then use the freely licensed SQL Server Developer edition.
If you only need lightweight production (less than 4 cores, less than 1 GB memory, less than 10 GB for each database), then use the freely licensed SQL Server Express edition.
For Small web sites use SQL Server web edition
For small needs use Standard edition
Obviously if these editions do not cover your needs, then you will need to use the Enterprise edition.
(2) The licensing cost of SQL Server is directly related to the number of vCPUs.
Choose the smaller VM size that matches your needs. When you do not use the Server then you can change the tier to a smaller one with one or less than one vCPU.
Important!!!
For most cases which really need this behavior you should probably use Azure SQL Database instead of SQL Server on Virtual Machine. Check this option! Without moire information it sound like this might fit your needs. In this case, read what I wrote above regarding reducing the cost in Azure Database (my respond to prmanhas)