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GSTR-10 Return Filing

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GSTR-10 Return Filing

Every registered taxpayer is required to file GST returns depending upon their type of registration, turnover, and other criteria. GSTR-10 is one such document used by businesses to file their final GST return. It is used to declare the closure or cancellation of registration of a GSTIN. This document helps inform the tax authorities about the cancellation of registration of the GSTIN and the deregistration of the taxpayer.

GSTR-10 must be filed by all taxpayers who have applied for GST registration but have not been granted the same. All registered taxpayers must also file GSTR-10 if they have cancelled their registration or have been cancelled by the tax authorities.

GSTR-10 is an essential document for businesses as it helps them to declare the closure or cancellation of registration of GSTIN. It is also important for the tax authorities to keep track of the taxpayers who have cancelled or deregistered their GSTIN.

What is GSTR-10?

GSTR-10, also known as the Final Return, is a return required to be filed by taxpayers who have surrendered or cancelled their GST registration.
This return must be filed within three months from the date of cancellation or surrender of GST registration.
GSTR-10 is a simple one-page document that includes the following details:
- GSTIN of the taxpayer
- Date of cancellation or date of registration
- Reason for cancellation or deregistration
- Signature and name of the authorized signatory
- Contact details of the authorized signatory

Who needs to file GSTR 10 return?

Every taxpayer who has cancelled or surrendered their GST registration must file GSTR-10. Even if the taxpayer has yet to conduct any business activities during the period between the date of cancellation and the date of filing GSTR-10, they are required to file the GSTR 10 return.

Documents Required to File GSTR-10

To file GSTR-10, the following documents and details are required:
- Basic Details: Name, address, and GSTIN (Goods and Services Tax Identification Number) of the taxpayer.
- Input Tax Credit (ITC) Details: Information on ITC availed for goods and services in possession on the date of cancellation or surrender of GST registration.
- ARN of GST Registration Surrender Application: The application reference number (ARN) generated on the GST Portal upon submission of the GST Registration Application.
- Effective Date of GST Registration Surrender/Cancellation: The effective date of cancellation or surrender of GST registration.
- Unique ID of Cancellation Order: Unique ID assigned by the authorities when the cancellation order is passed.
- Letter of GST Registration Cancellation: A copy of the cancellation letter issued by the GST department.
- Details of Inputs, Semi-Finished Goods, and Finished Goods: Information about any such goods held by the taxpayer on the date of cancellation.
- Details of Tax Paid on Inputs, Semi-Finished Goods, and Finished Goods: Tax payment details for goods held on the cancellation date.
- Details of Stock in Possession: Information about stock in possession on the date of cancellation.
- GST Liability: Details of any GST liability on stock held, including outstanding liabilities to be paid.
- GST Payment Challans: Copies of any challans related to GST liability payments.
- Bank Account Details: Bank details for refund claims, if applicable.
- Other Supporting Documents: Additional documents as required by the GST department.

Time Frame for Filing GSTR-10

GSTR-10 must be filed within three months (90 days) from the date of cancellation or deregistration.
Failure to file within this timeframe may result in penalties.
If the registration has been cancelled by the order of tax authorities, GSTR-10 cannot be filed. Instead, the taxpayer must file a different return known as GSTR-11.

GSTR-10 Late Fees

Taxpayers failing to file GSTR-10 within the due date are liable to pay a late fee.
The late fee is Rs. 100 CGST and Rs. 100 SGST per day, subject to a maximum of 0.25% of the taxpayer's turnover.

Advantages of Filing GSTR-10

Compliance with GST Law

Filing GSTR-10 is a compliance requirement under GST law. Failing to file the return on time can lead to penalties and legal consequences.

Avoid Interest and Penalties

Filing GSTR-10 within the due date helps avoid interest and penalties. Late filing attracts a penalty of Rs.100 per day, with a maximum of 0.25% of turnover.

Closure of Registration

Filing GSTR-10 helps close the GST registration and prevents any future liabilities, ensuring that all obligations are settled before cancellation.

Claim Input Tax Credit

Filing GSTR-10 allows the taxpayer to claim any unclaimed or unreversed input tax credit before completing the filing process.

Maintain Compliance Rating

Filing GSTR-10 on time helps maintain a good compliance rating, which is crucial for the long-term reputation and credibility of the business.

Benefits of Filing GSTR-10 through Solocorp

Convenience

Filing GSTR-10 through Solocorp is a hassle-free process. Our user-friendly platform ensures that the procedure is carried out efficiently and correctly.

Accuracy

Solocorp ensures accuracy by validating the data entered in the GST return forms, preventing mistakes and ensuring proper filing of the return.

Time-Saving

Solocorp saves time by allowing taxpayers to file their GSTR-10 return with just a few clicks. We send timely reminders to ensure the return is filed before the due date.

Professional Assistance

Solocorp offers round-the-clock support from experienced professionals, available to assist with any queries or issues related to filing GSTR-10 returns.