GST Amnesty: File GSTR-10 Final Return before 30 June 2023

Goods and Services Tax (GST) was introduced in India in 2017 to bring in a simplified tax structure and increase transparency. Since its introduction, GST has undergone several changes, and the government has introduced various schemes to make compliance easier for taxpayers. One such scheme is the GST Amnesty Scheme, which allows taxpayers to file their pending GST returns without any penalty. Under this scheme, taxpayers can file their GSTR-10 Final Return before 30 June 2023 without any penalty.

Before getting into the GST Amnesty Scheme, let us get to know more about GSTR-10 in this article.

What is GSTR-10 return?

GSTR-10 is a type of return that is required to be filed by taxpayers who have cancelled their GST registration. The GSTR-10 return is also known as the Final Return. The purpose of filing this return is to provide details of the stock held by the taxpayer on the date of cancellation of registration and the tax liability arising from the stock.

The GSTR-10 return must be filed within three months from the date of cancellation of the GST registration. It is important to note that the GSTR-10 return is a one-time return that is required to be filed only by those taxpayers who have cancelled their GST registration.

Parts of GSTR-10 Return:

The GSTR-10 return consists of two parts. 

• Part A of the return requires the taxpayer to provide basic details such as the name, address, and GSTIN of the taxpayer, the date of cancellation of registration, and the reason for cancellation. 
• Part B of the return requires the taxpayer to provide details of the stock held on the date of cancellation of registration and the tax liability arising from the stock.

Mode of filing GSTR-10:

The GSTR-10 return must be filed online on the GST portal. To file the return, the taxpayer must log in to the GST portal using their username and password. Once logged in, the taxpayer must navigate to the "Returns" section and select "Final Return (GSTR-10)" from the dropdown menu. The taxpayer must then provide all the required details in the return and submit it on the GST portal.

It is important for taxpayers to file their GSTR-10 return within the specified time limit to avoid any penalties or late fees. Failure to file the GSTR-10 return within the specified time limit may result in a penalty of up to Rs. 10,000 or an amount equivalent to the tax liability, whichever is higher.

What is GST Amnesty Scheme?

The GSTR-10 Final Return is required to be filed by taxpayers who have canceled their GST registration. The return is used to provide details of the stock held on the date of cancellation and the tax liability arising from the stock. The GSTR-10 Final Return must be filed within three months from the date of cancellation of the GST registration.

The GST Amnesty Scheme was introduced in response to the difficulties faced by taxpayers in filing their GST returns due to the COVID-19 pandemic. The scheme is aimed at providing relief to taxpayers who have not been able to file their returns due to various reasons, including technical glitches in the GSTN portal, or lack of clarity regarding the GST rules.

Under the GST Amnesty Scheme, taxpayers who have not filed their GSTR-10 Final Return can do so without any penalty or late fees. The scheme is applicable to all taxpayers who have canceled their GST registration before 1 January 2022. However, taxpayers who have already been issued a notice for non-filing of the GSTR-10 Final Return are not eligible for the scheme.

The GST Amnesty Scheme is a welcome relief for taxpayers who have canceled their GST registration but have not been able to file their GSTR-10 Final Return due to various reasons. The scheme provides an opportunity for such taxpayers to file their pending returns without incurring any penalties or late fees. However, it is important for taxpayers to take advantage of the scheme before the deadline of 30 June 2023, to avoid any future penalties.

Overall, the GST Amnesty Scheme is a positive step towards easing the compliance burden for taxpayers in India. It provides an opportunity for taxpayers who have not been able to file their GSTR-10 Final Return to do so without any penalty or late fees. Taxpayers who are eligible for the scheme should take advantage of it and file their pending returns before the deadline of 30 June 2023, to avoid any future penalties.

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