If the GST registration of a taxable individual is surrendered or cancelled, they have to file for a return through GSTR-10. The file is known as GSTR-10 final return.
GSTR-10 final return has to be filed before 3 months from the cancellation date or order, whatever comes later.
The GSTR-10 final return should be filed by people whose GST registration gets surrendered or cancelled.
Annual returns should be filed by all registered individuals once a year who pay tax under GST, through the GSTR-9 form. Final return on the other hand should be filed only by individuals whose registration is surrendered or cancelled.
The registered individual would receive a notice, and an extension of 15 days is given for completing the process of filing the return along with all necessary documents. If you are sent the notice and fail in filing the return within the extended time provided, the final order of cancellation will be passed, added with payable tax and penalty or interest.
The following is the procedure on how to file GSTR-10:
You first have to go to the GST portal and sign in, and then go to the GSTR-10 screen.
Select Services, click on Returns, and then select Final Return.
Click on "Prepare Online" and remember that you have to update the address correctly for further correspondence.
Update the Cost Accountant or Chartered Accountant details. The following would be required to fill this section up:
Then you need to put in details of stock goods that are being held:
Click on the "Goods with invoices" option.
Select "Add details".
Select the registration of the supplier.
Enter the details of the invoice under Central Excise or GST.
Once all of the above mentioned are entered, all you have to do is "save" and proceed.
Thereafter, the individual would be taken to the dashboard of GSTR-10, with the three tables updated with records and details.
Table 8D has to be filled in the similar manner. However, instead of the requirement for details of the invoice, what is needed is to update specifically the description and the types of goods, its entire quantity and its taxable value.
When the update is successfully completed, the individual would be taken to the dashboard of GSTR-10, with the table updated.
There are two possibilities and here is how to deal with both:
GST registration is an important procedure that every small business needs to take care of. The application procedure online is very simple and fast. It comes with ample benefits such as
and many others.