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 –

Any department or establishment formed by the state or central government

Any department or establishment formed by the state or central government Government agencies

Government agencies Local authority

Local authority Persons or category of persons authorized by state or central government to deduct TDS on the recommendation of the council.

Persons or category of persons authorized by state or central government to deduct TDS on the recommendation of the council. Any board, authority or any other body formed by government, parliament, state legislature with equity holding of 51% or more.

Any board, authority or any other body formed by government, parliament, state legislature with equity holding of 51% or more. Any society (registered under society registration act, 1860) established by central government or any of the state government or local authority

Any society (registered under society registration act, 1860) established by central government or any of the state government or local authority Public sector undertakings

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 2020

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 –

Month Due dates Dec 2019 10 Jan 2020 Jan 2020 10 Feb 2020 Feb 2020 10 Mar 2020 Mar 2020 10 Apr 2020 Apr 2020 10 May 2020 May 2020 10 Jun 2020 Jun 2020 10 Jul 2020 Jul 2020 10 Aug 2020 Aug 2020 10 Sep 2020 Sep 2020 10 Oct 2020 Oct 2020 10 Nov 2020 Nov 2020 10 Dec 2020 Dec 2020 10 Jan 2021

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 –