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
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.
When is the GSTR-7 last date?
The GSTR-7 due date is the 10th of the following month.
What if GSTR-7 filing is done late?
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.
How to revise GSTR-7?
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.
How to file GSTR-7
Following are the details to be provided in the GSTR-7 form, spread across 8 tables:
- GSTIN: 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 filing returns.
- Legal name of the Deductor: 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.
- Details of TDS: Here one needs to mention the details in respect of TDS deducted such as GSTIN of the deductee, total amount and TDS amount (CGST / SGST / IGST).
- Amendments to details of TDS in respect of any earlier tax period: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.
- TDS paid: 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.
- Interest, Late Fees payable and paid: 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.
- Refund claimed from electronic cash ledger: 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.
- Debit entries in electronic cash ledger for TDS / interest payment (to be populated after payment of tax and submissions of return): The entries in this section are auto-populated, once one finishes filing the return and the payment of TDS along with interest, if any.