Online GSTR-7 Filing
What is GSTR-7?
GSTR-7 is a return form filed monthly by those taxpayers who are required to deduct their TDS under GST. It shows the details of –
- TDS deducted
- TDS liability payable
- TDS liability paid
- TDS refund claimed, if any
Who are required to deduct TDS under GST?
The following entities are required to deduct TDS under GST –
Who can file GSTR-7
GSTR-7 is filed by those registered tax payers who want to deduct taxes on inward supplies at the time of making payments to vendors/suppliers. GSTR-7 must contain the transaction details where tax is deducted at source by the deductor along with the complete details of the supplier.
GSTR-7 Filing Due Dates
GSTR-7 return must be filed by the taxpayers on or before 10th of every month. The due dates for filing GSTR-7 are given below –
|May 2019||10th June 2019|
|June 2019||10th July 2019|
|July 2019||10th August 2019|
|August 2019||10th September 2019|
|September 2019||10th October 2019|
|October 2019||10th November 2019|
|November 2019||10th December 2019|
|December 2019||10th January 2020|
How to revise GSTR-7?
Once GSTR-7 return is filed, it cannot be revised but if you have done any mistake in the current period, you are having the option to rectify that mistake in the next month. For ex – If you made a mistake in September GSTR-7, you can rectify that mistake in October GSTR-7.
Penalty for Late GSTR-7 Filing
Late filing of GSTR-7 leads to heavy fines & penalties. Interest will be charged at 18% per annum and it is calculated by the tax payer on the outstanding tax amount. The late fee is Rs.200 per day i.e. Rs.100 under CGST and Rs.100 under SGST. However, the maximum penalty would be Rs.5000.
GSTR-7 Return Form Format
Download Form GSTR-7 by clicking below link –