Form GSTR – 10 is a statement of stocks held by such taxpayers on the day immediately preceding the date from which cancellation is made effective.

The Central Board of Indirect Taxes and Customs (CBIC) waived off the late fee payable for failure to furnish the return in FORM GSTR-10.

As per section 47(1) of the CGST Act, any registered person who fails to furnish the requisite returns by the prescribed due date shall pay a late fee of Rs 100 for every day during which such failure continues. Such a fee is subject to a maximum amount of Rs 5,000.

A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is a statement of stocks held by such taxpayers on the day immediately preceding the date from which cancellation is made effective.

The Board waived the amount of late fee payable under section 47 of the CGST Act which is in excess of Rs.250 for the registered persons who fail to furnish the return in FORM GSTR-10 by the due date but furnishes the said return between the period from 22 September, 2020 to 31 December, 2020. The waiver comes in wake of COVID-19 pandemic to provide relief to the persons registered under Goods and Service Tax.