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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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GSTR-7: Return Filing, Format, Eligibility and importance

All the registered taxpayers who deduct TDS (tax at the source) are required to file the form GSTR-7 within the prescribed time. Read for more

What is GSTR-7?

GSTR-7 is a monthly return filed by individuals who deduct tax at source under the GST. GSTR-7 or Goods and services tax returns-7 is a document which is to be filed by those taxpayers who deduct tax at the source meanwhile of making payments to the suppliers/vendors for the inwards supplies received. This return must furnish the details of TDS along with the complete details of your suppliers.

The Importance of GSTR-7?

GSTR-7 is essential for showing the details of tax deducted at the source, paid and payable TDS, and any refund of TDS claimed. However, the deductee gets a claim TDS as an ITC (input tax credit) which can be used to pay the output tax liability. The details of deducted TDS at the time of crediting the payable amount are also available in the electronic form to each deductee in part β€œC” of form GSTR-2A after the due date of furnishing form GSTR-7.

What is the due date for filing GSTR-7?

The due date for filing GSTR-7 for a month is due on the 10th of the next month. For instance, the due date for filing GSTR-7 for September is 10th October.

Certain Prerequisites for filing GSTR-7

There are certain important Prerequisites to filing the GSTR-7. The gross turnover of your business must be more than Rs. 20 lakh rupees. You must be a registered taxpayer with a 15-digit PAN-based GSTIN number. You must hold details of all those transactions where you deduct tax and pay it on behalf of your vendors (while giving them IT credit).

Who can deduct TDS under GST?

The following individuals and entities are eligible to deduct the tax at the source as per the GST laws and regulations- A Local Authority Government Agencies Any Department of the State Government/Central Government However there are other entities also eligible who can deduct TDS as per the notification no. 33/2017 of central tax An authority, a board, or any other body set up by the Parliament, a State Legislature, or by a government with 51% equity (control) owned by the government A society specified by the State/Central government or a local authority and the society enlisted as per the Act, 1860 societies registration.

Penalty for not filing GSTR-7

In case you are not able to file GSTR-7 within the provided deadline then a penalty of Rs. 100 will be levied under CHST and Rs. 100 under SGST which will be Rs. 200. Although the penalty-free should not cross the limit of Rs. 5,000. However, there is no late fee on IGST for delayed filing.

How to file GSTR-7?

The GSTR-7 is simple and easy to understand. individuals who wish to deduct TDS from GST returns will be required to feed certain basic details. below we have explained each section of GSTR-7. Read on! GSTIN - This is the foremost section in GSTR-7 where you have to specify your unique PAN-based 15-digit GSTIN number. Name of the deductor - This section requires you to fill out the name of the registered taxpayer for your business. Return Period - In this section, you need to specify the year, month and time for which you are filing the form GSTR-7. Details of TDS – You will be required to fill out the GSTIN number of all the parties involved in TDS transactions as well as the complete details such as invoice level data, payment details, TDS amounts etc). However, the GST can be computed based on the above-furnished information under SGST, IGST and CGST. You can also modify the information on the deducted TDS (By You) under section 4A of the GSTR-7. Liability Payable and Paid - This section contains the details of any GST paid by you along with penalties paid. Moreover, you need to fill in the details of the GST that you have to pay for the same tax span. Refund Claimed - In case you have received any tax refund for the same transactions, mention that in this section. Lately of the return, you need to agree with the declaration but make sure to cross-check everything.

Frequently asked questions

The due date for filing GSTR-7 for a month is due on the 10th of the next month. For instance, the due date for filing GSTR-7 for September is 10th October.
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β€œKrishna Gopal Varshney co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

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