/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
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.
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:
TDS at 2% is required to be deducted only if the total value of supply under a contract in respect of supply of taxable goods or services or both, exceeds Rs. 2,50,000/- (Rupees two lakh and fifty thousand) excluding taxes & cess leviable under GST.
The GSTR-7 due date is the 10th of the following month.
On late filing of GSTR-7, a late fee of Rs. 200 (100/- CGST + Rs. 100 SGST)/- per day (Maximum Rs. 5000/-) will be applicable.
Form GSTR-7 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return, when the error or omission is identified.
GSTR-7 will contain the details of TDS deducted, TDS liability payable and paid, and TDS refund claimed if any.
Following are the details to be provided in the GSTR-7 form, spread across 8 tables:
test
E-invoice solutions from our ecosystem
Analysing Business Reports Just Got Easier with TallyPrime
TallyPrime’s Amazing Invoicing Experience
TallyPrime’s ‘Go To’ – A Powerful Capability to Discover Easily and Do More
Tally’s Exception Reporting to Address Data Anomalies