In India, every citizen has to pay one centralised taxation charge levied against the services or products availed by them. Known as the Goods and Services Tax or GST, this pivotal tool of government revenue generation can play a crucial role in funding the public welfare of the country.
However, if you are a taxpayer looking to opt for a one-time cancellation of your GST registration, learning about what is GSTR 10 becomes a fundamental measure.
In simpler terms, GSTR 10 is a form also referred to as the Final Return. To elaborate, if you are a registered taxpayer who has opted for this registration to be cancelled or surrendered, the government of India makes it mandatory that you will need to submit this form to the adequate authorities.
If you are a regular taxpayer, you do not come under the purview of this form’s judicial parameters. So, you do not have to submit this form if you are a:
Please note that you must turn in this return filing on the date of the cancellation order, or before three months till the exact date of cancellation – whichever is taking place beforehand. The primary purpose of this filing is aimed towards making sure the proper details about the input tax credit regarding closing a stock can be recorded. So, for instance, if you are shutting down your business for certain reasons, you are legally obligated to provide necessary GSTR 10 details.
In order to file a GSTR 10 return, you will have to meet certain eligibility parameters. These include the following:
Detailed process of how to file GSTR 10 online has been described below. You will just need to follow these few simple steps to get the job done in minimal turn-around time.
Step 1: Log in to the official portal of the Indian government regarding the Goods and Services Tax.
Step 2: Open the page for GSTR 10.
Step 3: Click on ‘Services’.
Step 4: Select the option of ‘Returns.’
Step 5: Click on ‘Final Return.’
Step 6: Click on the link with the words ‘Prepare Online.’
Step 7: Provide your address as a point of contact down the line.
Step 8: Click on the ‘Save’ button.
Step 9: A message stating “request has been accepted successfully” will be displayed on your screen.
Step 10: Then, you will have the option for updating your Chartered Accountant or Cost Accountant details. So, provide the necessary information under ‘Particulars of Certifying Chartered Accountant or Cost Accountant'. These include:
Step 11: Upload a scanned digital copy of this aforementioned certificate.
Step 12: Click on the button with the words ‘Save CA details’.
Step 13: As per the requirements, provide the necessary details for:
Step 14: Click on “Preview draft GSTR 10.”
Step 15: Click on the ‘Proceed to File’ button.
Step 16: Tick the declaration checkbox.
Step 17: Choose the option of “File GSTR 10” to complete the task.
Some of the documents you will have to attach with your return fillings include:
Additionally, you will need any of these documents to verify your identity when authorising the documents and data you are providing in the form:
Moreover, once you have filed the GSTR 10 form, you must also keep certain records within your reach. These are:
Moreover, you will have to provide several crucial details such as:
The due date for filing GSTR 10 is within three months from either the date of GST cancellation or the date on which the cancellation was issued. For instance, if the date of cancellation of GSTR 10 is 1st March 2023, then the due date will be on 30th May 2023.
When you are filing for a GSTR 10 return, please make a note of the following points:
Nevertheless, if you still fail to submit your returns on time, interest and penalty charges will be levied on you. Therefore, you will have to pay ₹200 per day - ₹100 for CGST and ₹100 for SGST – till the date on which you make the final payment. As there is no upper-level limitation for this penalty, kindly ensure you settle your accounts as soon as possible.
Some of the benefits of filing a GST return include the following:
Please try to submit this GST return on its due date so that this whole procedure can be completed without any additional hassle. However, if you fail to meet the deadline, you will be notified by the concerned authorities about the same. Additionally, an extension period of 15 more days will be offered to you for the return filing.
As it can be understood from this discussion above, knowing all the crucial aspects regarding what is GSTR 10 is quintessential if your business enterprise is closing down for any reason. Therefore, please ensure you have all your crucial documents handy and have maintained adequate bookkeeping practices so that there is no unwarranted delay.
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