Every registered taxable individual under Section-21 of the GST ACT is required to furnish a final return electronically in FORM GSTR-10 through the common portal inside 3 months from the date of cancellation, date of cancellation order whichever is earlier. In this article, we will talk about the GSTR-10 and the procedure to file the FORM.
What is GSTR-10?
GSTR-10 is a final return under Goods and Service Tax Act 2016 for taxable individuals whose registration has been surrendered or canceled.
Who should file GSTR-10?
GSTR-10 should be filed by the taxpayer on cancellation or surrender of a GST registered. Therefore, regular taxpayers need not to file GSTR-10.
Due Date for filing GSTR-10
GSTR should be filed within 3 months from the cancellation of GST registration.
Information to be filed in GSTR-10
- Goods and Service Tax Identification Number (GSTIN) of the taxpayer
- Legal Name
- Business Name
- Address (Principal place of business)
- Application Reference Number (ARN) of Surrender Application: In case the Application for cancellation has been approved by the authorities the taxpayer needs to furnish the ARN. ARN will be shared with the taxpayer at the time of passing the cancellation order
- Effective Date of Surrender/Cancellation: In this section, the date of cancellation of GST registration is required as contained in the order
- Whether cancellation order has been passed: In this section, the taxpayer needs to specify whether the return is being filed based on cancellation order or on a voluntary basis
- If Yes, Unique ID of Cancellation order: The taxpayer will be provided with a unique ID by the authorities at the time of passing cancellation order
- Date of Cancellation Order: In this section, taxpayer needs to mention the date on which GST registration cancellation order is passed by the authorities
- Particulars of closing Stock held on the date of surrender/cancellation: Details of closing stock held at the time of ceasing the business needs to be furnished by the taxpayer in this section. In case there is any amount of credit lying in such stock the same needs to be paid along with the return
- Amount of tax payable on closing stock: Any credit lying in input and capital goods needs to be paid to the authorities. The amount is auto-computed based on declaration of closing stock of goods.
- Verification: After furnishing all the details correctly the taxpayer is required to sign digitally either through DSC or Aadhar based signature verification.
What is the penalty for not filing GSTR-10?
Failing to file GSTR-10 by the taxpayer results to a legal notice for not filing the final return upon cancellation of registration and will be couriered to the taxpayer.
The taxpayer will be provided a 15 days period for filing the return with all documents after sending the notice. If the taxpayer still fails to file the return the concerned tax-officer will pass a final order for the cancellation with the amount of tax payable along with the interest or penalty.