GSTR - 10
GSTR-10 is a mandatory “Final Return” that must be filed by a taxpayer whose GST registration has been canceled or surrendered. This return reports a statement of stocks and all GST-related liabilities and must be filed within three months of the cancellation.
Affordable GST registration.
document validation.
Expert GST professional guidance.
Two Expert Consultation Calls FREE Claim TODAY and get free Quotation
GSTR-10 Return Filing: Your Guide to Final GST Compliance
GSTR-10 is a mandatory final return that must be filed by all registered taxpayers who have surrendered or had their GST registration canceled. Also known as the Final Return, this document serves as a formal notification to tax authorities about the closure of your business and the deregistration of your GSTIN. It is a crucial final step to ensure all tax liabilities are settled and to avoid future penalties.
At FileMyFirm, we provide professional services to simplify the GSTR-10 return filing process, ensuring you meet all compliance requirements without hassle.
What is GSTR-10?
GSTR-10 is a final return that captures all the details related to the closure of a business’s GST registration. It must be filed within three months (90 days) from the effective date of registration cancellation. This form provides a comprehensive summary of all business activities, stock details, and outstanding tax liabilities at the time of cancellation.
Who Needs to File GSTR-10?
Filing GSTR-10 is mandatory for every taxpayer whose GST registration has been canceled or surrendered. This includes:
- Taxpayers who voluntarily applied for GST cancellation.
- Taxpayers whose registration was canceled by GST authorities due to non-compliance.
- Individuals who obtained GST registration but did not commence business operations.
Note: GSTR-10 is not required for a composition taxpayer or a non-resident taxable person who has already filed GSTR-9 and GSTR-9A.
Key Documents and Details Required for GSTR-10
To ensure a smooth filing process, you will need to gather the following information and documents:
- Basic Details: Your GSTIN, business name, and address.
- Cancellation Information: The Application Reference Number (ARN) of your GST cancellation application and the effective date of cancellation.
- Stock Details: A complete list of all inputs, semi-finished goods, finished goods, and capital goods held in stock on the date of cancellation.
- Input Tax Credit (ITC) Details: Details of ITC availed on the stock held. Any outstanding ITC must be paid back to the government.
- Tax Liability: Details of any outstanding tax liabilities, including the tax on the stock held, which must be paid before filing.
- Cancellation Order: A copy of the GST registration cancellation order issued by the tax department.
The GSTR-10 Late Fees and Penalties
Failing to file GSTR-10 within the stipulated 90-day timeframe can lead to significant penalties.
- Late Fee: A penalty of ₹200 per day (₹100 for CGST and ₹100 for SGST) is imposed.
- Maximum Penalty: The late fee is subject to a maximum of 0.25% of the taxpayer’s annual turnover.
Timely filing is crucial to avoid these financial penalties and to ensure a clean exit from the GST system.
Why File GSTR-10?
Filing GSTR-10 provides several benefits and is a mandatory part of compliance:
- Compliance & Legal Closure: It provides a formal and legal closure to your GST registration, ensuring all liabilities are settled and you are no longer obligated to file future returns.
- Avoid Penalties: Timely filing helps you avoid the daily late fees and other legal consequences.
- ITC Settlement: It is your final opportunity to pay back any ITC on stock held, ensuring a full settlement of your tax account.
Get Expert Assistance with FileMyFirm
Navigating the complexities of GSTR-10 return filing can be challenging, especially when you are in the process of closing a business. FileMyFirm offers a streamlined service to make this process simple and efficient.
Our services include:
- Expert Guidance: Our tax professionals will guide you on all the required documents and details.
- Accurate Filing: We ensure that all data, including your stock and ITC details, is accurately entered to prevent errors and rejection.
- Timely Reminders: We will remind you of the GSTR-10 due date to help you avoid late fees.
- End-to-End Support: We handle the entire process, from data collection to final submission, providing you with a hassle-free experience.
Contact FileMyFirm today to file your GSTR-10 return and ensure a smooth and compliant closure of your GST registration.
Frequestly asked questions ( FAQ )
GSTR-10 is the Final Return that must be filed by all registered taxpayers whose GST registration has been formally canceled or surrendered. It is a mandatory final step for legal closure under the GST system.
Filing GSTR-10 is mandatory for all taxpayers whose registration has been canceled, which includes:
Taxpayers who voluntarily applied for GST cancellation.
Taxpayers whose registration was canceled by GST authorities due to non-compliance.
Individuals who obtained GST registration but did not commence business operations.
Note: It is not required for Composition Taxpayers or Non-Resident Taxable Persons who have already filed GSTR-9 and GSTR-9A.
The GSTR-10 return must be filed within three months (90 days) from the effective date of the GST registration cancellation.
The GSTR-10 must provide a comprehensive summary to the tax authorities, including:
Stock Details: A complete list of all inputs, semi-finished goods, finished goods, and capital goods held in stock on the date of cancellation.
Input Tax Credit (ITC) Details: Details of ITC availed on the stock held, which must be paid back to the government.
Tax Liability: Details of any outstanding tax liabilities, including the tax on the stock held.
Failing to file GSTR-10 within the 90-day time limit leads to significant penalties:
Late Fee: A penalty of ₹200 per day (₹100 for CGST and ₹100 for SGST) is imposed.
Maximum Penalty: The late fee is subject to a maximum of 0.25% of the taxpayer’s annual turnover.
Timely filing is crucial to ensure a clean and compliant exit from the GST system and to avoid these financial penalties.