Quick Summary
In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 20/2024 – Central Tax on October 08, 2024, introducing a significant change to Rule 66 of the Central Goods and Services Tax (CGST) Rules. This amendment introduces a timeline for submitting FORM GSTR-7, used by registered persons to deduct tax at source (TDS) under Section 51 of the CGST Act.
Key Update
The amendment specifies that FORM GSTR-7 must be furnished "on or before the tenth day of the month succeeding the calendar month", ensuring a more streamlined approach to TDS filing. This new rule will come into effect from November 1, 2024.
Before and After Comparison
- Before: Every registered person required to deduct tax at source under Section 51 was required to furnish a return in FORM GSTR-7 electronically through the common portal.
- After: Now, every registered person required to deduct tax at source under Section 51 must furnish FORM GSTR-7 on or before the 10th day of the succeeding month electronically through the common portal.
Official copy of the notification has been attached
FAQ :
Form GSTR-7 is used by registered persons to deduct tax at source (TDS) under Section 51 of the CGST Act.
The Central Board of Indirect Taxes and Customs (CBIC) has set the new deadline.
The new rule comes into effect from November 1, 2024.
Form GSTR-7 must be furnished on or before the tenth day of the month succeeding the calendar month.
The core requirement to file electronically through the common portal remains, but the deadline for submission has been formalised.
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