Concept of Final return in GST

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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.

As per CBIC Notification No. 58/2018-Central Tax dated 26th October 2018, the due date of filing GSTR 10 or Final Return is 31st December, 2018 for persons whose registration has been cancelled by the proper officer on or before 30th September, 2018.

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.

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. In no event shall I shall be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information

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