GST Final Return (GSTR 10)

Description

GST Final Return

GST Final Return GSTR 10 is the final return that a taxpayer must file when their GST registration is canceled. It’s a one-time return that provides a comprehensive overview of the taxpayer’s financial transactions and tax liabilities.  

Key Information to Prepare for GSTR-10

Before filing GSTR-10, you’ll need to gather the following information:

1. Effective Date of Cancellation: This is the date from which your GST registration was officially canceled.  
2. Closing Stock Details:
   • Inputs: Details of input goods held in stock, including their quantity, rate, and GST amount.  
   • Inputs in Semi-finished or Finished Goods: Details of inputs used in the manufacturing of semi-finished or finished goods.
   • Capital Goods: Details of capital goods on which input tax credit (ITC) has been claimed.
3. Tax Payable and Paid:
   • GST Payable: Total GST liability calculated on the sales and services provided.
   • GST Paid: Total GST paid to the government through various mechanisms.
4. Interest and Late Fees:
   • Any interest or late fees accrued due to delayed tax payments or non-filing of returns.
5. Verification:
   • The return must be verified by a proper authority, usually a Chartered Accountant or Cost Accountant.

Steps to File GSTR-10

1. Login to the GST Portal:
   • Access the GST portal using your login credentials.
2. Navigate to Final Return:
   • Go to the “Services” tab and select “Returns.”
   • Click on “Final Return” to access the GSTR-10 form.
3. Update Address and CA/CA Details:
   • Provide the correct address for future correspondence.
   • If applicable, enter the details of the Chartered Accountant or Cost Accountant verifying the return.
4. Enter Goods Details:
   • Goods with Invoices: Provide details of inputs, semi-finished goods, and capital goods purchased from GST-registered suppliers.  
   • Goods without Invoices: Provide details of inputs purchased from unregistered suppliers.  
5. Preview and Verify:
   • Review all the entered information carefully.
   • Verify the return with a digital signature or electronic verification code (EVC).
6. File the Return:
   • Submit the verified GSTR-10.

Important Considerations

• Timely Filing: Ensure that you file GSTR-10 within the prescribed time limit to avoid penalties.
• Accurate Information: Provide accurate and complete information to avoid discrepancies and potential issues.
• Record Keeping: Maintain proper records of all transactions, invoices, and tax-related documents for future reference and audits.  
• Professional Assistance: If you’re unsure about any aspect of GSTR-10, consult with a tax professional to ensure compliance.

By following these steps and considering the important points, you can successfully file your GSTR-10 and complete the process of closing your GST registration.