Update: Relief in late fees for delayed filing of Form GSTR-10 final return:
- Vide Notification No 68/2020 dated 21.09.2020, the taxpayers who had failed to file the final return, in Form GSTR-10, by the due date, have been provided relaxation in payment of late fees.
- Such taxpayers can now file Form GSTR 10 (Final Return) between 22nd Sept. 2020 and 31st Dec. 2020, by paying a maximum late fee of Rs 500 (Rs 250 for CGST & Rs 250 for SGST).
What is GSTR-10?
If a taxpayer’s GST registration is cancelled or surrendered, then he/she needs to file a return in Form GSTR 10. It is known as the Final Return.
Form GSTR 10 also shows details of the input tax credit (ITC) involved in closing stock (inputs and capital goods) to be reversed or paid by the taxpayer. The taxpayer can file NIL GSTR 10 also. This return in form GSTR 10 can be filed online as well as offline. It is important to note that the taxpayer cannot file Form GSTR-10 without discharging full liabilities as declared in this return.
GSTR-10 due date
This return has to be filed within three months of the date of cancellation or the date of order of cancellation (whichever is later).
Who should file Form GSTR-10?
Form GSTR-10 has to be filed by every taxpayer if their registration is cancelled except the following:
- Input Service Distributor
- Non-resident taxable persons
- Persons required deducting Tax at Source (TDS) (Under section 51)
- Persons paying tax under section 10 (Composition Taxpayer)
- Persons required collecting TCS (Under section 52)
Prerequisites to file GSTR-10
- Valid Credentials i.e. a User ID and password on the GST portal.
- Application for cancellation of registration and the order also has to be issued for cancellation of registration.
- Order of cancellation needs to be issued for ‘suo moto’ cancellation of registration by tax authorities.
Difference between Final Return and Annual Return:
Annual Return: Annual return is supposed to be filed once every year in Form GSTR 9. It has to be filed by every registered person under GST.
Final Return: As mentioned above, this return is required to be filed by the people whose registration has been cancelled or surrendered in Form GSTR 10. It is to be filed only once.
Filing Form GSTR 10:
- Log on to the official GST Portal – www.gst.gov.in. The GST Home page will be displayed
- Login to the GST Account with valid credentials
- Navigate to Services > Returns > Final Return command
What is the penalty for not filing GSTR 10?
A notice will be given to a registered individual if the GSTR 10 is not filed by the due date. The person will have 15 days to file the return with all of the required documentation. Later, per day, they will be charged Rs. 100 in CGST and Rs. 100 in SGST.
What does Form GSTR 10 Cover?
The following details to be covered in form GSTR-10 (GSTR-10 Format):
- Legal Name
- Business Name
- Application Reference Number (ARN): Application for surrender
- Effective Date of GST registration surrender/cancellation
- Details that cancellation order has been passed
- Unique ID of the cancellation order
- Date of Cancellation Order
- Certificate of a practicing chartered accountant or cost accountant, if applicable
- Closing Stock held on the date of surrender or cancellation
- Inputs as such
- Inputs in semi-finished goods
- Inputs in finished goods
- Input services
- Capital goods
- Amount of tax payable on closing stock
- If the taxpayer does not file his GSTR-10 within 30 days then post that he needs to file GSTR-1 and GSTR-3B for that month and only after that, he can file Form GSTR-10. If he has done any business for those months then GSTR-1 and GSTR-3B will be filed normally and if not, then it can be filed as NIL return. It is important to note that if the taxpayer fails to file Form GSTR-1 and Form GSTR-3B on time then the penalty is applicable.
- You can preview your form before the final filing submission. Once the form is submitted it cannot be revised.
Steps to file NIL GSTR 3B via SMS are now issued by CBIC
Steps to file Form Nil GSTR 1 via SMS
IRIS GST is a registered GSP under the GST regime and provider of premium quality GST compliance tools in India. IRIS GST aims to help all its readers with its premium product – IRIS Sapphire which is a cloud-based GST Return Filing Software and has advanced reconciliation module with strong reconciliation rules like match invoices across FY, beyond invoice number, fuzzy logic and user-defined tolerance that helps you completely match your purchase data with GSTR 2A and maximize your ITC.