Complete Overview on Goods & Services Form GSTR-10
Table of Contents
Complete Overview on Goods and Services Form GSTR-10
Question: What is Goods and Services Form GSTR-10?
Ans: When a Goods and Services Registration is cancelled or surrendered, a GST taxable person is required to file a final return on GST Form GSTR-10. Goods and Services Form GSTR-10 is a statement of stocks held by such Goods and Services taxpayer on day immediately preceding the date from which Goods and services cancellation is made effective.
GSTR-9 and GSTR-10: As per the GST regulations in India, GSTR-9 is an annual return form that needs to be filed by regular taxpayers. However, since your turnover was below 50 lakh rupees, you were not required to file GSTR-9 in the past. Therefore, you don’t need to file GSTR-9 before filling GSTR-10.
GSTR-10 is the final return form that needs to be filed by taxpayers who have cancelled their GST registration. If you have cancelled your GST registration, you would need to file GSTR-10. This form is used to provide the details of your stock and liabilities at the time of cancellation. Make sure to carefully fill out GSTR-10 and file it within the prescribed time limit.
Question: Is GSTR-10 Certificate Compulsory?
Ans: Yes, you should Compulsory submit GSTR-10 when your Goods and services Tax registration is surrendered or cancelled.
Cancellation of GST registration for a composition dealer:
Question: Composition dealers cancel GST Number then can applicable GSTR-10 on GST cancelation.
Ans: Yes, it’s a GST Final return , which is every registered taxpayer have filled after cancellation
Yes, after the cancellation of GST Registration for a composition dealer, the filing of GSTR-10 is Compulsory. A GST Taxable person who opts for the cancellation of GST registration is required to file a final return in the form of GSTR-10 within 3 months from the date of cancellation or the date of the cancellation order, whichever is earlier.
Question: What is relationship between Balance Sheet vs. GSTR-10?
Ans: Balance Sheet vs. GSTR-10: While the balance sheet captures the overall financial position of the business, GSTR-10 particular addresses the closing stock and Input Tax Credit implications during cancellation process. The balance sheet includes other financial aspects such as assets, liabilities, equity & Income. GSTR-10 focuses solely on the closing stock & its tax implications.
GST Taxpayer ‘ have no Input Tax Credit. No sales. But his closing stock required to mention GSTR 10. Or only balance sheet.
Example: Let’s consider a business that has no sales and no Input Tax Credit. However, they have closing stock of goods (inputs, semi-finished goods, finished goods, and capital goods) at the time of cancellation. The business must report this closing stock in GSTR-10. If any Input Tax Credit was availed on these stocks during their active period, it needs to be reversed/payable in GSTR-10. The amount of tax payable on the closing stock should be calculated based on the applicable tax rates. A practicing-chartered accountant or cost accountant may also need to provide a certificate if applicable.
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