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Final Return

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Soni Ketan

43 Points Posted on 02 August 2020

can Final Return 10 direct file with out put information table 8A,8B,8C and Table 8D. ?

Replies (3)

Quick Summary

The Final Return (Form GST FV) in the UK requires you to declare any closing stock of inputs, semi-finished goods, finished goods, and capital goods on which you've already claimed Input Tax Credit (ITC). If you have such items, you must detail them in Tables 8A, 8B, 8C, and 8D, reverse the claimed credit, and pay it back to the government. If you have no such stock or capital goods, you can still file the return. For capital goods, the ITC reversal is calculated based on the asset's remaining useful life, assuming a 5-year lifespan.

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 02 August 2020

If on date of closing business, you have any closing stock of input, semi-finished goods or finished goods held in stock, and capital goods/plant and machinery on which input tax credit is already claim by you in GST return.
than you have to compulsorily mention that details in table 8A,8B,8C and Table 8D, reverse the credit already claimed and pay back to government.

Pankaj Rawat

GST Practitioner

29904 Points Posted on 02 August 2020

Yes can be file return If you don't have any input (Stock Goods) & Capital Goods (On which you have claimed ITC) .

As per Rule 44 , the Input on capital goods need to be Reverse on remaining useful life of Asset , computed on prodata basis , taking useful life 5 years .
Formula for the same :
ITC on capital Goods X Remaining Life ÷ 60

Bhavika Kothari

1012 Points Posted on 07 August 2020

Yes Final Return 10 can be directly filed with output information in table 8A, 8B, 8C and 8D. Only thing which you need to check is there should be any input or capital goods, in stock, on which ITC has already claimed.