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What is GSTR-7? GSTR-7 is a month returns filed by the individual who are required to deduct TDS. Who can deduct TDS under GST? Following individuals or entities are required to deduct TDS under GST: Central or state government department or establishment Local authority Governm
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GSTR-7 is a monthly return that must be filed by individuals or entities who are required to deduct Tax Deducted at Source (TDS) under the GST regime.
A late fee of ₹200 per day (₹100 CGST and ₹100 SGST) is charged for missing the GSTR-7 filing deadline, with a maximum late fee of ₹5,000. Additionally, interest at 18% per year is levied on the TDS amount owed from the day after the due date until payment.
If a deductee accepts an incorrect TDS credit, the deductor loses the ability to amend their TDS return and claim a refund for the excess amount. This can lead to complications, especially if the deductee uses the wrongly credited TDS to offset their own tax liability.
No, once the deductee has claimed the incorrect TDS, the deductor cannot claim a refund. The excess TDS then appears in the deductee's cash ledger, and if used for tax payments, the deductee must repay the amount from their own funds to claim a refund.
The deductee should reject any incorrect TDS entries on the GST portal. This allows the deductor to correct their return and claim a refund of any excess TDS deducted.
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