In our previous article, we discussed the provisions related to Tax Deduction at Source under GST regime. To further our discussion, here we are providing you with a guide on filing GSTR-7.
GSTR-7 needs to be furnished by 10th of the month succeeding the tax period.
Liability to Deduct Tax at Source under GST
Every registered taxable person required to deduct tax at source under section 37 shall furnish a return in FORM GSTR-7 electronically through the Common Portal.
These details furnished by the operator shall be made available electronically to each of the suppliers in Part C of FORM GSTR-2A on the Common Portal after the due date of filing of FORM GSTR-7.
Tax Deduction certificate shall be made available electronically to the deductee on the Common Portal in FORM GSTR-7A on the basis of GSTR-7.
Below we have provided various heads under which information needs to be furnished:
GSTIN – Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). A format of proposed GSTIN has been shown in the image below. GSTIN of the taxpayer will be auto-populated at the time of return filing.
Name of Deductor – Name of the deductor, will also be auto-populated at the time of logging into the common GST Portal.
Return Period – The tax deductor is required to select from a drop down the relevant month and year respectively for which GSTR-7 is being filed.
TDS Details – This is a comprehensive heading wherein tax deductor is required to provide various details. These details include GSTIN on the deductee, contract details, invoice details, Date of payment to deductee and Value on which TDS is to be deducted. Basis this information TDS on IGST, CGST and SGST will get calculated.
Revision in TDS details – Any revision in the invoice amount, contract details or TDS amount can be made under this section. This modification will accordingly revise the Tax Deduction Certificate in form GST 7A.
Liability Payable and Paid – TDS liability will get auto-populated here on the basis of information furnished above. This will include GST payable and GST paid. This heading will also include details of interest on delayed payment of TDS, fees for late filing of return.
Refund Claimed – Any amount of refund received into the bank account from Electronic Cash Ledger will get auto populated here.
Once all these information is furnished and flown into GSTR-7, Tax deductor is required to electronically sign a declaration regarding the correctness of the information furnished under various heads.
Discover more about Goods and Services Tax, Click Here.
Are you a CA/Tax Practitioner?
Get GST Ready with Cleartax’s GST All-in-one Kit, which includes
Early Access to GST Software to help you and your clients
GST Certification Course with 10+ hours videos, ebooks, webinars & more