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GSTR-10 Final Return Filing – Petax Filings
Every GST-registered taxpayer must file periodic returns as per their business type, turnover, and GST regulations. GSTR-10, also known as the Final Return, is a crucial document that must be filed by businesses that have cancelled or surrendered their GST registration. This filing ensures that the tax authorities are informed about the deregistration of the GSTIN and helps in closing the taxpayer’s GST compliance obligations.
What is GSTR-10?
GSTR-10 is a one-time return that must be filed within 90 days from the date of GST registration cancellation. It includes details related to the final tax liability, stock held on the date of cancellation, and input tax credit (ITC) adjustments.
Who Needs to File GSTR-10?
The following entities are required to file GSTR-10:
- Taxpayers who have voluntarily cancelled their GST registration.
- Businesses whose GST registration has been cancelled by the authorities due to non-compliance or other reasons.
- Entities that were registered under GST but did not commence operations.
However, the return is not applicable to taxpayers registered under the composition scheme, input service distributors, and non-resident taxable persons.
Documents Required for GSTR-10 Filing
To complete GSTR-10 filing, the following documents and details must be provided:
- GSTIN and Business Details
- Date of GST Registration Cancellation
- Reason for Cancellation
- ARN (Application Reference Number) of Cancellation Request
- Stock Details (Inputs, Semi-Finished & Finished Goods)
- ITC Details Claimed on Stock
- GST Payment Challans (if applicable)
- Bank Account Details
- Copy of GST Cancellation Order
Late Fee & Penalties for Non-Filing
Failure to file GSTR-10 within the due date results in penalties:
- Late Fee: Rs. 100 per day under CGST and Rs. 100 per day under SGST (Maximum: 0.25% of turnover).
- Legal Consequences: Non-compliance may lead to notices from the tax authorities.
Advantages of Filing GSTR-10 on Time
- Compliance Assurance: Avoid penalties and maintain a clean tax record.
- Prevent Future Liabilities: Filing GSTR-10 ensures closure of GST registration and prevents any future tax obligations.
- Smooth Exit Process: Completing GSTR-10 filing helps businesses wind up operations legally under GST.
- Claim Input Tax Credit (ITC): Ensures that the business claims any pending ITC before closure.
Simplify GSTR-10 Filing with Petax Filings
Filing GSTR-10 can be complex, but Petax Filings makes the process hassle-free and ensures compliance with GST regulations. Our GST experts handle everything, from documentation to submission, ensuring accuracy and timely filing.
Why Choose Petax Filings?
- Expert Assistance: Our GST specialists guide you through every step.
- Error-Free Filing: We verify your details to ensure accuracy.
- Timely Reminders: Never miss a due date with our automated alerts.
- Seamless Online Filing: Quick and convenient processing from anywhere.
Get Started Today!
Avoid penalties and streamline your GSTR-10 filing with Petax Filings. Contact us today for expert guidance and fast, reliable GST return filing services.
FAQ
Find Out Answers Here
GST registration is the process of registering a business under the Goods and Services Tax (GST) system in India. Any business exceeding the prescribed turnover limits (₹40 lakhs for goods suppliers and ₹20 lakhs for service providers) must register for GST. Additionally, businesses engaged in inter-state sales, e-commerce, or those required to pay tax under the reverse charge mechanism also need GST registration.
Registering for GST provides several advantages, including:
- Legal compliance and avoidance of penalties
- Eligibility to claim Input Tax Credit (ITC)
- Access to inter-state trade without restrictions
- Improved business credibility and opportunities for growth
- Simplified tax filing and record-keeping
Once your application is submitted with all required documents, the GST Identification Number (GSTIN) is typically issued within 3 to 7 working days.
Yes, businesses can voluntarily opt for GST registration even if they do not meet the turnover threshold. This can be beneficial for claiming Input Tax Credit and expanding business operations.
Failure to register for GST when required can lead to:
- A penalty of 10% of the tax amount due (minimum ₹10,000) for non-payment or underpayment of tax
- A 100% penalty on the tax amount for intentional tax evasion
The required documents vary by business type but generally include:
- PAN and Aadhaar of the owner or business entity
- Business registration documents (Partnership Deed, Incorporation Certificate, etc.)
- Bank account details
- Proof of business address
Yes, businesses can update details like address, contact information, and authorized signatory through an amendment process in the GST portal.
The Composition Scheme is designed for small businesses with turnover up to ₹1.5 crore, allowing them to pay a fixed percentage of turnover as tax and file returns with minimal compliance. However, businesses under this scheme cannot collect GST from customers or claim Input Tax Credit.
Once registered, businesses must file periodic GST returns online, detailing their sales, purchases, and tax liability. Petax Filings offers expert assistance for seamless GST return filing.
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