GSTR 7 is required to be filed by the persons who are required to deduct Tax Deducted at Source (TDS) under GST regime.
As per GST law following people or entities are required to deduct TDS :
The following entities also need to deduct TDS as per Notification No. 33/2017 – Central Tax, 15th September 2017
GSTR 7 is filed every month. The due date for filing of GSTR 7 for a month is on the 10th of the following month.For example:
The date of filing GSTR 7 for the month of September is 10th October.
Notification- 26/2019 CT dated 28/91019 states that GSTR 7 return for October 2018 to July 2019 can be filed up to 31 October 2019.
NOTE: As per the 22nd GST Council meeting on 6th October 2017, the provisions of TDS was put on hold. It has came into force and been commenced now.
To file the Form GSTR-7 one has to abide by various conditions:
GSTR 7 shows all the details regarding the TDS of a taxpayer. Thus this is a very important GSTR. Some of the major importance are as follows:
GSTR 7 has a total of 8 sections in it.
Following are the details to be provided in the GSTR-7 form:
For the late filing of GST return the taxpayer is liable for a penalty of Rs 100 under CGST & Rs 100 under SGST. The total penalty amount will be Rs. 200 per day. The maximum of Rs. 5,000 can be changed from the taxpayer. There is no late fee on IGST in case of late filing of return.
Along with the late fees, interest is also charged at 18% per annum. The interest has to be calculated by the taxpayer on the tax to be paid. The time period will be from the next day of the due date of filing to the date when the payment is done.
When once GSTR 7 is filed it cannot be revised. If any mistake is made in the return, it has to be corrected in the next month’s return.
For instance, if a mistake is made in the GSTR 7 of the month of September, the rectification for the same can be made in GSTR 7 of October or in later months when the error or mistake is identified.
For every taxpayer who pays TDS or whose TDS is deducted, the form GSTR 7 is very important. GSTR 7 is essential as it contains all the major details of TDS deducted, TDS paid, or payable. After filing GSTR 7, it becomes easy for the taxpayer to claim their TDS.
The GSTR-7 form is a monthly return that is to be furnished by all taxable persons who are required to deduct TDS under GST.
GSTR 7 certificate can be downloaded by following these steps: login into the GST portal -> entering the details -> clicking on TDS certificate -> entering the details such as financial year, GSTIN and clicking on search and then download.
The Tax Deduction Certificate is made available to the deductee on the basis of the form GSTR 7.
The late fee is charged for not filing GSTR-7 on time. The fees charged is Rs. 200 per day of the delay (Rs 100 under CGST & Rs 100 under SGST).
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