Final Return : Concept of Final return in GST

What is final return

Final Return is a return which is to be filed by a taxable person whose GST registration is cancelled or surrendered. The return is to be filed in form GSTR-10.It is a one-time process.

Who are the persons not required to file GSTR-10

This form is not required to be filed by taxpayers or persons who are registered as:-

(i) Input Service Distributors;
(ii) Persons paying tax under section 10;
(iii) Non-resident taxable person;
(iv) Persons required to deduct tax at source under section 51; and
(v) Persons required to collect tax at source under section 52.

What are the details required to be filed in the final return

Following details are required to be filed in the final retutn:-

• Details of inputs held in stock, inputs contained in semi-finished or finished goods held in stock, and capital goods/plant and machinery on which input tax credit is required to be reversed and paid back to Government.

• Amount of tax payable and paid

• Interest, late fee payable and paid.

Final Return : Concept of Final return in GST

What is the due date for filing form GSTR-10

GSTR 10 must be filed within three months from the date of cancellation or date of cancellation order whichever is later.
For example: if the effective date of cancellation is 30th June, then the final return should be filed with 3 months from 30th June i.e. upto 30th September.

Can final return be revised

Form GSTR-10 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return, when the error or omission is identified.

What is the difference between annual return and final return

Annual return is to be filed once in every year in form GSTR-9, whereas final return is a one-time process. The registered person is required to furnish the final return in form GSTR-10 only when the registration is cancelled or surrendered.

What are the detailed information to be provided in form GSTR-10

The form includes two types of information. Some information i.e. GSTIN, legal name, business name and address, are to be auto-populated and some information needs to be furnished by the taxable person. Following detailed information are required to be filed:-

(i) Application Reference Number

(ii) Effective Date of Surrender/Cancellation

(iii) Whether cancellation order has been passed

(iv) If the cancellation order has been passed, then Unique ID of Cancellation order

(v) Date of Cancellation Order

(vi) Particulars of Closing Stock

(vii) Amount of Tax Payable on Closing Stock

What is the penalty for not filing GSTR-10

Where a registered person fails to file GSTR-10 within 3 months from the date of cancellation of registration, then:-

(i) A show cause notice will be sent to such registered person.

(ii) The registered person should will be given 15 days’ time for filing the return with all the documents required.

(iii) If the person fails to file the return, within the said period of 15 days, then the officer will pass the final order for the cancellation with the amount of tax payable along with interest and penalty.

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Tags : Final Return, GST, form GSTR-10

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