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GSTR 7 – What is GSTR 7? Eligibility, Filing Procedure, Due Date & Late Fees

The complex taxation system in India has been recently modified. With the introduction of Goods and Services Tax, we have the new taxation system for the traders and the businesses. Those who deal in the sale of goods and services are liable for paying the GST and filing the appropriate return. The GSTR-7 is one of the most important GST returns that the eligible businesses have to file. Amongst the monthly, quarterly, and annually filed returns, the GSTR-7 is the monthly return. If you want to learn more about the GSTR-7 Return filing, you are in the right place. In this post, we will share the detailed information about the GSTR-7 return filing, procedure, eligibility, due dates, and others.

GSTR 7 – What is GSTR 7? Eligibility, Filing Procedure, Due Date & Late Fees


What is GSTR 7?

Goods and Services Tax is the indirect tax in India. The goods and services providers have to file the GST returns. There are 11 types of GST Return that any goods and service provider has to file on a monthly, quarterly, half-yearly, and yearly basis. The GSTR 7 return is the monthly return. The eligible businesses have to file GSTR-7 monthly.

The GSTR-7 applies to those who have to deduct the TDS in the GST. The GSTR 7 contains detailed information about the TDS amount, TDS Source, TDS payable (if any), and other information. The deductee, whose TDS has been deducted, can ask for the input tax credit based on GSTR-7. The details of the GSTR-7 are available electronically while filing the GSTR 2A form online.

GSTR 7 Applicability

GSTR 7 is filed when the business has to furnish the Goods and Services Tax deductions on the source. Almost all of the goods and services providers have to file the GSTR 7 every month and furnish the details about the TDS source, TDS amount, Liability, Deductee details, and other information. Not filing the GSTR 7 will attract the hefty late fees and fines from the GST department.

GSTR 7 Return Filing Procedure

The GSTR 7 return filing procedure is quite simple. Like the other tax returns, you need to collect all the information before proceeding with the return filing. For filing the GST returns, you need GSTIN of the deductee, Tax deduction source, total amount of tax, total amount, Legal and Trade name of the deductor and deductee, Electronic cash ledger with all accounting entries and others. Once you have all of the information, you are ready to start the actual filing procedure on the GST official website.

If you are not sure how to file GSTR 7 return online, you should ask for professional help. People usually go with chartered accountants and tax consultants. At efilling.co.in, you’ll get professional help from the tax consultants and the chartered accountants for cheap. You can quickly get your returns filed with the help of experts from Efiling.co.in.

GSTR 7 Due Date

Like any other monthly GST return, the GSTR 7 due date is the 10th date of each month. For example, if you want to file the return for May, then the due date would be on the 10th of June. Make sure to mark the date on the calendar and file the returns before the due date. The due dates are subject to change in special conditions. So make sure to check for the official notifications from the department of goods and services tax.

Late fee for GSTR 7

If you do not file the GSTR7 on the due date, you are liable for paying hefty fines. The fine is ₹100 in CGST and ₹100 in SGST. The total makes it ₹200 per day. The fines are levied till ₹5,000/-. The tax department applies 18% per annum interest on the due fine. So, you have to pay the pending taxes along with the late fees with interest to the government.

Professional GSTR 7 Filing Services from Efiling.co.in

Filing the GST returns online is a must-do activity for any businesses liable under the Goods and Services Tax act. If you are eligible under the act for filing the GST returns, then you should always comply with the law. It is essential to file the returns to avoid administrative issues and hefty fines. You can hire the local experts for filing the returns on time. If you want something quick and affordable, then the professional GSTR 7 filing services from Efiling.co.in are the best ones. With the team of tax consultants and the chartered accountants, you can get your returns filed within a few hours. All you need is to contact us and provide the details asked by our experts. After that, relax and keep doing your business. We will do all the job, and you’ll get the confirmation after we file the return on your behalf.

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