What is GSTR-7?
The GSTR-7 form is a monthly return form required to be furnished by all taxable persons who are required to deduct TDS (Tax Deducted at Source) under GST .
Form GSTR-7 will show the details of TDS deducted, amount of TDS paid and payable and any refund of TDS claimed. The deductee i.e. the person whose TDS has been deducted can claim the ITC of such TDS deducted and utilize the same for the payment of output tax liability. The details of TDS deducted is available electronically to each deductee in Form GSTR-2A after the due date of filing of Form GSTR-7. Also the certificate for such TDS deducted shall be made available to the deductee in Form GSTR-7A on the basis of the return filed in Form GSTR-7.
Who are required to deduct TDS and thus file GSTR-7?
As per the GST law, the following entities need to deduct TDS, and thus will be required to carry out GSTR-7 return filing under GST:
- A department or establishment of the Central of the State government
- Local Authority
- Governmental agencies
- Persons or category of persons as may be notified on the recommendations of the GST Council
- Authority or a Board or any other body which has been set up by Parliament or a State Legislature or by a Government, with 51% equity, owned by Government
- Society established by the Central or any State government or a Local Authority, which is registered under the Societies Registration Act
- Public Sector undertakings However, it is to be noted that as per the 22nd GST Council meeting on 6th October, 2017, the provisions of TDS under GST have been put on hold, and will be notified later.
When is GSTR 7 due?
Filing of GSTR 7 for a month is due on 10th of the following month.
What is the penalty for not filing GSTR 7 on time?
If the GST return is not filed on time, then penalty of Rs 100 under CGST & Rs 100 under SGST shall be levied. The total will be Rs. 200/day. The maximum is Rs. 5,000 There is no late fee on IGST in case of delayed filing.
Along with late fee, interest has to be paid at 18% per annum. It has to be calculated by the taxpayer on the tax to be paid. The time period will be from the next day of due date of filing to the date of payment.
How to file GSTR-7
Following are the details to be provided in the GSTR-7 form, spread across 8 tables:
Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Tax Identification Number (GSTIN). The GSTIN will be auto-populated at the time of.
The name of the taxpayer will be auto-populated at the time of logging into the GST Portal. Also, any trade name of the registered person, will also get auto populated.
Here one needs to mention the details in respect of TDS deducted such as GSTI of the deductee, total amount and TDS amount (CGST / SGST / IGST)
Any correction to the data submitted in the return of previous months can be done here by filling the original and revised details in this section. Based on this amendment, the TDS certificate i.e. Form GSTR-7A, will get revised.
Here one needs to mention the details of the TDS deducted (CGST / SGST / IGST) from the deductee and the tax amount paid (CGST / SGST / IGST) to the government.
If there is any interest fees or late fees applicable on TDS amount, one must mention the details of such interest and late fees payable along with the amount paid till date.
If one wants to claim the refund of TDS from the electronic cash ledger, one must mention such details here in this section. One should also provide the bank details where the refund for TDS should be credited.
The entries in this section are auto populated, once one finishes filing the return and the payment of TDS along with interest, if any.