The Goods and Services Tax Network (GSTN) today issued a reminder for taxpayers to file GSTR-7. GSTR 7 is a return that has to be filed by taxpayers who wish to deduct their TDS from GST returns.
10th July 2022 is the last date for filing two GST returns, including GSTR-7 and GSTR-8. GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST. GSTR-8 contains the details of supplies effected through e-commerce platform and amount of TCS collected on such supplies. The failure to file a GST return will attract a penalty of Rs 100 under CGST and Rs 100 under SGST shall be levied, and the total will be Rs 200 per day. However, the maximum late fee should not exceed Rs 5,000. There is no late fee on IGST in case of delayed filing. Along with late fees, interest has to be paid at 18% per annum. It has to be calculated on the TDS to be paid. The period for interest calculation will be from the next day of the due date of filing to the payment date.
Buy books of essential tax practice with exciting offers at shopscan.in
