Concept of Final return in GST : As per Section 45 of Central Goods & Service Tax Act a taxable person whose GST registration has been cancelled or surrendered has to file a return in Form GSTR10 commonly known as Final Return in GST.
Concept of Final return in GST
Basically this is statement of stocks which is held by such taxpayer on day immediately preceding the date from which cancellation is made effective. This return should be filed within three months of the date of cancellation or date of order of cancellation, whichever is later.
This return is intended to provide details of ITC involved in closing stock (including inputs and capital goods) to be reversed/ paid by the taxpayer.
It is mandatory to file Form GSTR10 in cases when GST registration is cancelled or surrendered . Even filing the nill Form-10 is mandatory in case of cancellation & Surrender of GST Number.
Form GSTR10 is required to be filed by every taxpayer except:
(i) Input Service Distributor
(ii) Non-resident taxable persons
(iii) Persons required to deduct tax at source (TDS) under section 51
(iv) Persons paying tax under section 10 (Composition Taxpayer)
(v) Persons required to collect tax at source (TCS) under section 52
Final Return/ Form GSTR10 cannot be revised once filed.
Conclusion : Final Return is is the last return that a tax payer needs to file in case of surrender/cancellation of GST Number. In Simple terms it is an intimation from tax payer to government that all his pending dues related to GST have been settled from his side.
So if you have surrendered any GST Number, do ensure that GSTR10 has been filed.
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