GSTR – 7
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Meaning of GSTR – 7
- GSTR-7 is a return to be filed for TDS.
- GSTR-7 is filed by the registered taxpayers who deduct tax while making payments to vendors/suppliers towards the inward supplies received.
- When deductor pays the amount of TDS, it shall get reflected into the credit ledger of the deductee. The deductee shall claim credit, in his electronic cash ledger, of the tax deducted by the deductor.
- As per GST law following people/entities need to deduct TDS:
- A department or establishment of the Central or State Government, or
- Local authority, or
- Governmental agencies, or
- Persons or category of persons as may be notified, by the Central or a State Government on the recommendations of the Council.
As per Notification No. 33/2017 – Central Tax, 15th September 2017, the following entities also need to deduct TDS-
- An 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 (control) owned by government.
- A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.
- Public sector undertakings
The above deductor are required to TDS where the total value of supply under the contract exceeds Rs 2.5 Lakhs. The rate for TDS is 2% (CGST 1% + SGST 1%) in case of intra state supply and 2 % (IGST) in case of interstate supplies.
However, the TDS will not be deducted when the location of the supplier and place of supply is different from the registration place (State) of the recipient.
- As per the 22nd GST Council meeting on 6th October 2017, the provisions of TDS has been put on hold and will come into force later.
Frequency & Details of filing GSTR-7
- GSTR- 7 is to be filed on monthly basis.
- Due date for GSTR-7 is 10th day of the following month.
- GSTR 7 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return.