In the context of the Goods and Services Tax (GST) in India, a final return refers to a specific type of GST return filed by taxpayers whose registration has been cancelled or surrendered. It’s a one-time statement filed by such taxpayers to declare their remaining stock of goods and input tax credit (ITC) on the date of cancellation.

Here’s a breakdown of what a final return is and its key aspects:

Who needs to file a final return under GST Act  2017 ?

• Taxpayers whose GST registration has been cancelledby the authorities.
• Taxpayers who have surrenderedtheir GST registration voluntarily.

What information is included in a final return under GST Act  2017 ?

• Details of the closing stock of goods held by the taxpayer on the date of cancellation/surrender.
• Calculation of ITC reversal on the closing stock of goods (applicable in some cases).
• Details of any outstanding tax liabilities.

How to file a final return under GST Act  2017?

• The final return is filed in Form GSTR-10on the GST portal.
• The deadline for filing is three monthsfrom the date of cancellation/surrender, whichever is earlier.

Important points to remember:

• Late fees are applicable for delayed filing of a final return.
• A final return is different from an annual return, which is filed by all registered taxpayers every year.
• Failure to file a final return can lead to penalties and legal action.

Here are some additional resources that you might find helpful:

CASE LAWS

• What type of final return are you interested in?(e.g., final return after GST cancellation, final return under GST Act 2017)
• What jurisdiction are you interested in?(e.g., India, Canada, Australia)
• What specific issue are you trying to understand?(e.g., late filing penalties, rectification of errors, reclaim of ITC)

EXAMPLES

1. Final GST Return (GSTR-10):

• Example: A registered business is closing down and files a final return (GSTR-10) within 3 months of cancellation, declaring their closing stock and any unclaimed input tax credit (ITC).

2. Final Income Tax Return:

• Example: An individual taxpayer files their final income tax return for the year they die, covering their income up to the date of death.

3. Final Project Report:

• Example: A team working on a project submits a final report summarizing the project’s findings, conclusions, and recommendations.

4. Final Performance Review:

• Example: An employee receives a final performance review upon leaving a company, summarizing their accomplishments and feedback for future reference.

5. Final Investment Report:

• Example :A financial advisor provides a final report to a client detailing the performance of their investments over a specific period.

FAQ QUESTIONS

. What is a final return (GSTR-10) under GST Act  2017?

A final return is a GST return filed by a registered person whose registration has been cancelled or surrendered. It summarizes their income and expenses for the period from the date of last regular return to the date of cancellation/surrender.

2. Who needs to file a final return under GST Act 2017?

Any registered taxpayer whose GST registration is cancelled or surrendered must file a final return within three months of the cancellation/surrender date.

3. When is the due date for filing a final return under GST Act 2017?

The due date for filing a final return is three months from the date of cancellation/surrender of your GST registration, whichever is later.

4. What information needs to be included in the final return under GST Act 2017?

The final return includes details of:

• Outward supplies made during the period covered by the return.
• Inward supplies received during the period.
• Input tax credit (ITC) claimed and any reversals.
• Taxes payable or refundable.

5. Can I file a nil return under GST Act 2017?

Yes, you can file a nil return if you had no business activity during the period covered by the final return.

6. What happens if I don’t file a final return under GST Act 2017?

Penalties may be imposed for late filing or non-filing of the final return. You may also face difficulty in obtaining a new GST registration in the future.

7. Can I revise the final return under GST Act 2017?

Yes, you can revise the final return within a specified timeframe (usually 30 days) if you discover any errors.

8. What are the consequences of errors in the final return under GST Act 2017?

Errors in the final return could lead to additional tax demands, penalties, and potential legal action.

9. Do I need to pay any tax when filing the final return under GST Act 2017?

Yes, you may need to pay tax if your ITC claimed exceeds the tax liability on your outward supplies. Conversely, you may be eligible for a refund if there is excess tax paid.

10. Where can I find more information on the final return under GST Act 2017?

You can refer to the official GST department website, consult a tax advisor, or use online resources like Clear Tax, Busy, and GST India.

Additional tips:

• It’s advisable to consult a tax advisor for assistance with filing the final return, especially if your situation is complex.
• Keep accurate records of your business transactions to ensure accurate reporting in the final return.

File the final return within the due date to avoid penalties and complications