All about GSTR-7 filing

Introduction

The Goods and Services Tax (GST) is an indirect tax system in India that was introduced on July 1, 2017, with the aim of streamlining the taxation system across the country. It is a comprehensive tax system that covers all aspects of the supply chain from the manufacture of goods to the final delivery of services. GSTR-7 is one of the many GST returns that are filed by taxpayers under the GST regime. In this article, we will discuss all about GSTR-7 filing, including its meaning, due date, and procedure.

What is the meaning of GSTR-7?

GSTR-7 is a monthly return that is filed by the people who are required to deduct TDS (Tax Deducted at Source) under GST. The return contains details of TDS deducted, TDS liability, and other related information. The people who are required to deduct TDS under GST are the government agencies or other people notified by the government. GSTR-7 is to be filed by the 10th of the following month.

What is the procedure for GSTR-7 filing?

The procedure for GSTR-7 filing is as follows:

Step 1: Login to the GST portal using your registered credentials.

Step 2: Navigate to the ‘Services’ section and click on the ‘Returns’ tab.

Step 3: Select the financial year and the month for which you want to file the return.

Step 4: Click on ‘Prepare Online’ to fill the return.

Step 5: Enter the required details, such as TDS deducted, TDS liability, and other related information.

Step 6: Once you have entered all the details, click on ‘Save’ to save the return.

Step 7: Click on ‘Preview’ to review the return and make sure all the details are correct.

Step 8: If everything is correct, click on ‘Submit’ to file the return.

Step 9: After submitting the return, you will receive an acknowledgement number. This number can be used to track the status of your return.

What is the due date for filing GSTR-7?

The due date for GSTR-7 filing is the 10th of the following month. For example, the GSTR-7 return for the month of April 2023 should be filed by May 10, 2023.

What are the penalties for late filing of GSTR-7?

If the GSTR-7 return is not filed by the due date, a late fee of Rs. 100 per day (Rs. 50 for CGST and Rs. 50 for SGST) will be levied subject to a maximum of Rs. 5,000. If the GST return is not filed within six months of the due date, a penalty of Rs. 10,000 or 10% of the tax due, whichever is higher, will be levied.

Conclusion

In conclusion, GSTR-7 is an important return under the GST regime that is filed by people who are required to deduct TDS under GST. The return contains details of TDS deducted, TDS liability, and other related information. The due date for GSTR-7 filing is the 10th of the following month, and penalties are levied for late filing. It is important for taxpayers to file the return on time to avoid penalties and to comply with the GST law.