GSTR 10 (Final Return)

Purpose of GSTR-10

The primary purpose of GSTR-10 is to ensure that a taxpayer who is exiting the GST regime has accounted for all liabilities and paid any due taxes. It acts as a closure statement for the taxpayer’s GST account.

Who Needs to File GSTR-10?

• Any taxpayer whose GST registration has been canceled or surrendered.
• This includes both voluntary cancellation and cancellation by the GST authorities.

Who Does Not Need to File GSTR-10?

• Composition taxpayers.
• Taxpayers who have migrated to the composition scheme.
• Persons who have obtained a Unique Identification Number (UIN).

Due Date for Filing

• GSTR-10 must be filed within three months from the date of cancellation or the date of the cancellation order, whichever is later.

Details Required in GSTR-10

1. Basic Information:

   • GSTIN (Goods and Services Tax Identification Number).
   • Legal name and trade name of the taxpayer.
   • Address of the principal place of business.

2. Application Reference Number (ARN):

   • ARN of the cancellation application or the order of cancellation.

3. Stock Details:

   • Details of inputs, semi-finished goods, and finished goods held in stock on the date immediately preceding the date of cancellation.
   • Details of capital goods held in stock on the date immediately preceding the date of cancellation.

4. Tax Payable:

   • Amount of tax payable on closing stock.
   • Liability on the stock of inputs, semi-finished goods, finished goods, and capital goods.

Steps to File GSTR-10

1. Login: Log in to the GST portal with your credentials.
2. Navigate: Go to the ‘Returns Dashboard’ and select ‘Final Return GSTR-10’.
3. Fill in Details: Enter all required details in the respective fields.
4. Preview: Preview the form before submission.
5. Submit: Submit the form and pay any tax liabilities.
6. Acknowledgment: Upon successful filing, an acknowledgment will be generated.

Consequences of Not Filing GSTR-10

• If GSTR-10 is not filed within the due date, a notice will be sent to the taxpayer.
• The taxpayer will be given a period of 15 days to file the return.
• Failure to comply can result in penalties and further action by the GST authorities.

Key Points to Remember

• GSTR-10 is a one-time return that must be filed to finalize the closure of a GST account.
• Ensure that all liabilities are settled before filing this return.
• Keep detailed records of stock and capital goods to accurately report in the return.

Filing GSTR-10 ensures that the taxpayer has no pending tax liabilities and allows for a smooth exit from the GST system.

• Applicability: GSTR-10 is applicable to taxpayers whose GST registration has been cancelled or surrendered. It is not applicable to those who have migrated from GST to the composition scheme or who are regular taxpayers.
• Due Date: The return must be filed within three months from the date of cancellation or the date of the cancellation order, whichever is later.
• Details to be Furnished: Basic details such as GSTIN, legal name, and trade name of the business. Application Reference Number (ARN) of the cancellation application or the order of cancellation. Details of inputs, semi-finished, and finished goods held in stock on the date immediately preceding the date of cancellation. Details of capital goods and plant and machinery held in stock on the date immediately preceding the date of cancellation. Liability on the stock of inputs, semi-finished, finished goods, and capital goods.
• Purpose: The primary purpose of GSTR-10 is to ensure that the taxpayer has accounted for all the liabilities and to pay any pending tax dues. It acts as a declaration that the taxpayer has no further GST liabilities.
• Consequences of Non-filing: Failure to file GSTR-10 within the stipulated time can result in a notice from the tax authorities. The taxpayer may also be liable for penalties and interest for non-compliance.

1. Organizational Information:

   • Details about the organization including legal name, business address, nature of business activities, and GSTIN (Goods and Services Tax Identification Number).

2. Details of Goods Held in Stock:

   • Provide a list of all goods held in stock on the date of cancellation or surrender of GST registration, including:
     • Description of goods
     • Quantity
     • Taxable value
     • Tax amount (IGST, CGST, SGST/UTGST)

3. Details of Capital Goods Held in Stock:

   • If applicable, details of capital goods held in stock as on the date of cancellation or surrender of registration, including:
     • Description of capital goods
     • Quantity
     • Taxable value
     • Tax amount (IGST, CGST, SGST/UTGST)

4. Liabilities to be Discharged:

   • Declaration of any outstanding tax liabilities that need to be discharged as on the date of cancellation or surrender of registration, specifying:
     • Tax type (IGST, CGST, SGST/UTGST)
     • Taxable value
     • Tax amount

5. Payment of Tax and Other Dues:

   • Confirmation that all tax liabilities and other dues payable up to the date of cancellation or surrender of registration have been paid.

6. Supporting Documents:

   • Maintain supporting documents such as stock registers, invoices, credit/debit notes, and payment receipts that substantiate the information reported in GSTR-10.

7. Finalization of Accounts:

   • Ensure that all accounts related to GST have been finalized up to the date of cancellation or surrender of registration.

8. Communication with GST Authorities:

   • Document any communications or interactions with GST authorities regarding the cancellation or surrender of registration and the filing of GSTR-10.

9. Digital Signature (if applicable):

   • Ensure that the GSTR-10 form is digitally signed, where required, to authenticate the accuracy and completeness of the information provided.

10. Internal Controls and Procedures:

    • Describe internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations for the Final Return.