Taxation - Indirect Tax
Filing of GSTR - 10 - Final Return
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Filing of GSTR - 10 - Final Return
GSTR-10 is to be filed by a taxable person whose registration has been cancelled or surrendered. This return is also called a final return and has to be filed within three months from the date of cancellation or cancellation order, whichever is earlier.
GSTR - 11
GSTR-11 is the return to be filed by persons who have been issued a Unique Identity Number (UIN) in order to get a refund under GST for the goods and services purchased by them in India. UIN is a classification made for foreign diplomatic missions and embassies not liable to tax in India, for the purpose of getting a refund of taxes. GSTR-11 will contain details of inward supplies received and refund claimed.
Late filing of GST Returns
Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.
There are few points to note :
1. You cannot file a return if you do not file the previous month/quarter’s return.
2. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.
3. The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR-3B filed immediately after such delay.
4. Interest and Late fee to be paid
5. Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. It shall be calculated on the net tax liability identified in the ledger at the time of payment. The time period will be from the next day of filing due date till the actual date of payment.
6. As per the CGST Act, the late fee is Rs.100 per day per Act. So it is Rs.100 under CGST & Rs.100 under SGST. The total shall be Rs.200/day. However, there is a maximum levy of Rs. 5,000. There is no late fee separately prescribed under the IGST Act. Also, for GSTR-1 and GSTR-3B, the total late fee was reduced to Rs. 50 /day (Rs.20 /day for Nil filing)
7. To learn more about late fees charged across the GST Return periods, read our article on late fees under GST.
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