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.
GSTR-10 is a return required to be filed by taxpayers who have surrendered or cancelled their GST registration. It is also known as the Final Return. GSTR-10 needs to be filed within three months from the date of cancellation or surrender of GST registration.
GSTR-10 is a one-page document that contains the following details:
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 return.
Filing of GSTR-10 requires the following documents and details to be furnished:
GSTR-10 must be filed within three months (90 days) of the date of cancellation or deregistration. If it is not filed within this timeframe, the taxpayer may be liable to pay the penalty. It is important to note that this return cannot be filed if the registration has been cancelled due to the order of the tax authorities. In such cases, the taxpayer must file a different return known as GSTR-11.
If the taxpayer fails to file GSTR-10 within the due date, they are liable to pay a late fee of Rs.100 CGST and Rs.100 SGST per day, subject to a maximum of 0.25% of the taxpayer's turnover.
GSTR-10 is a return that needs to be filed by a taxpayer whose GST registration has been cancelled or surrendered. Filing GSTR-10 gives taxpayers access to several advantages.
IndiaFilings is the country's top online platform for business tax filing and one of the most trusted online filing services for GST returns. Filing GSTR-10 through IndiaFilings offers several advantages, making us a preferred choice for taxpayers.
Many small businesses pay lakhs in penalty every year to the Government for late filing various statutory returns. Such penalty or late fee paid is not tax deductible and is a drain on profitability. At IndiaFilings, our mission is to provide the most affordable services to our customers and help them avoid all late fee.To achieve our mission - we have built enterprise grade technology to help you proactively know the upcoming compliance and avoid penalty.Checkout our compliance services below, talk to an Advisor and stop paying unwanted late fees.
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Last updated: May 23, 2023
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