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🚀 GSTR-10 Return Filing: Final Goodbyes in GST

Bidding farewell to your GST registration? GSTR-10 is your final dance with the GST regime. Whether you’ve canceled your registration voluntarily or had it canceled, you must file this final return to officially wrap things up.

  • Quick, easy, and hassle-free
  • Expert guides and walkthroughs
  • Real-time support for troubleshooting
  • Automated tools to ensure error-free submissions

At Compliance Monk, we understand that filing GSTR-10 can feel like an uphill climb. That’s why we’re here to simplify the process. Contact us today and file your GSTR-10 like a pro.

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GSTR-10 Final Return

🤔 What Exactly is GSTR-10?

Think of GSTR-10 as your “closing ceremony” with GST. If you’re a registered taxpayer who has canceled or surrendered GST registration, you must file this final return to officially wrap things up. It’s not just paperwork—it’s closure.

📅 GSTR-10 Due Date: When’s the Deadline?

You’ve got three months to file GSTR-10 from the date of cancellation or the cancellation order, whichever comes later. For example: • GST cancellation effective from January 1, 2024 • Cancellation order received on January 5, 2024 • Deadline for filing GSTR-10: April 5, 2024 So, mark your calendars unless you want to add late fees to your farewell gift!

 Who Needs to File GSTR-10?

Not everyone gets invited to this final party. GSTR-10 is only for those whose GST registration has been canceled or surrendered. But don’t worry—you’re off the hook if you belong to these groups: • Input Service Distributors (ISD) • Composition scheme taxpayers • Non-Resident Taxable Persons (NRTP) • TDS or TCS deductors under Sections 51 and 52 of the CGST Act.

📦 What’s Inside GSTR-10?

GSTR-10 is like a digital time capsule for your business closure. It has 11 sections—some auto-filled, some needing your attention. Auto-Populated Details:

  1. GSTIN
  2. Legal Name
  3. Trade Name (if applicable)
  4. Address for future correspondence Your Inputs Required:
  5. Effective Date of Surrender/Cancellation: Mention the date from your cancellation order.
  6. Reference Number: The unique ID from your cancellation order.
  7. Date of Cancellation Order: Self-explanatory.
  8. Details of Closing Stock: Here’s where the fun begins: o Inputs in stock (with invoices) o Inputs in semi-finished or finished goods (with invoices) o Machinery or capital goods in stock o Inputs without invoices (estimated per Rule 44(3))
  9. Tax Payable & Paid: Reverse that ITC or pay up.
  10. Interest & Late Fees: Break it down by CGST, SGST, IGST, and Cess.
  11. Verification: Sign off digitally using DSC or Aadhaar authentication.

📌 Important Notes While Declaring Stock

• No invoices? No problem (kind of). Use market value as per CGST Rule 44(3) and get it certified by a CA or cost accountant. • For machinery, there’s a nifty formula: Invoice value – (1/60th × months since purchase), assuming a 5-year useful life.

🚨 What Happens If You Don’t File GSTR-10?

Procrastination isn’t cute when it comes to compliance. If you miss the due date:

  1. You’ll receive a notice demanding action within 15 days.
  2. Still ignoring it? The tax officer will finalize your dues, including penalties and interest. Remember, avoiding GSTR-10 is like skipping the last episode of your favorite show—you’re only leaving things incomplete and messy!

How Does GSTR-10 Differ from GSTR-9?

Here’s a quick analogy: • GSTR-9: Like an annual review—filed by all registered taxpayers. • GSTR-10: Your resignation letter—only for those exiting

Why Choose Compliance Monk?

Let’s get it done and dusted, minus the hassle and late fees! Contact us today and file your GSTR-10 like a pro.

With Compliance Monk by your side, filing GSTR-10 will be as smooth as a perfectly brewed coffee. Our expert team ensures:

  • Step-by-step guides for GSTR- 10 final return filing online or offline.
  • Expert’s advice with 10+ years of experience to avoid errors.
  • Tools and assistance to make your GST filing journey smooth and stress-free!
  • Timely updates and transparent communication with dedicated representative.

FAQs

1. What is GSTR-10?

GSTR-10 is a final GST return that must be filed by taxpayers whose GST registration has been cancelled or surrendered. It serves as a declaration of liabilities on the closing stock and settles any remaining dues.

2. Who needs to file GSTR-10?

Any registered taxpayer whose GST registration has been cancelled or surrendered must file GSTR-10, except for the following categories:

  • Input Service Distributors (ISD)
  • Composition scheme taxpayers
  • Non-Resident Taxable Persons (NRTP)
  • Persons required to deduct TDS under Section 51
  • Persons required to collect TCS under Section 52

3. When is the due date to file GSTR-10?

GSTR-10 must be filed within three months from the date of GST registration cancellation or the date of the cancellation order, whichever is later.

For example:

  • If cancellation occurred on 1st January 2024 and the cancellation order was issued on 5th January 2024, the due date would be 5th April 2024.

4. What happens if I don’t file GSTR-10 on time?

If you fail to file GSTR-10:

  • The GST department will issue a notice, giving you 15 days to complete the filing.
  • If you still fail to comply, the officer will finalize the liability along with interest and penalties.

5. What information is required in GSTR-10?

Here’s what you need to provide:

  • GSTIN, business name, and address.
  • Date and reference number of the cancellation order.
  • Details of closing stock, including:
    • Inputs, semi-finished goods, finished goods, and capital goods.
  • Tax liability and payment details.
  • Interest and late fee details, if applicable.
  • Verification of all details before submission.

6. How can I file GSTR-10?

You can file GSTR-10 through:

  1. The GST Portal: Enter all details directly online and submit using a DSC or Aadhaar-based e-signature.
  2. Offline Tool: Prepare the return using the offline utility, generate a JSON file, and upload it to the GST Portal.

7. What is the penalty for non-compliance?

  • Late filing will attract penalties and interest.
  • If GSTR-10 is not filed even after receiving notice, the officer will pass a final order determining the tax liability.

8. Can GSTR-10 be revised after filing?

No, once GSTR-10 is filed, it cannot be revised. Ensure all details are accurate before submission.

9. How is the tax on closing stock calculated?

  • For stock with invoices: Tax is calculated based on the purchase invoice value.
  • For stock without invoices: Tax is calculated based on the market value certified by a Chartered Accountant or Cost Accountant.
  • For capital goods: Tax is calculated using a prescribed formula considering a five-year useful life.

10. What is the difference between GSTR-9 and GSTR-10?

  • GSTR-9: Annual return filed by all regular taxpayers under GST, summarizing yearly transactions.
  • GSTR-10: Final return filed only by taxpayers whose GST registration has been cancelled or surrendered, summarizing liabilities and stock at the time of closure.

11. Can I file GSTR-10 without clearing all liabilities?

No, you must settle all tax liabilities, including interest and penalties, before filing GSTR-10.