GSTR-07
GSTR-7 is a return filed by the individual who deducts TDS under GST. This will demonstrate how a user can file their GSTR-07 through Masters India GST Software.
What GSTR-07?
GSTR-7 is a return filed by the individual who deducts TDS under GST. GSTR-7 contains details of TDS deducted, TDS liability payable and paid, TDS refund claimed etc.
As per the Act, the following individuals and entities can deduct TDS:
i) a department or agency of the central or state government
ii) a local authority
iii) state agencies
iv) persons or categories of persons whom the Central or State Government may designate on the recommendation of the Council
How to file GSTR-07 using Masters India GST Software?
Step 1: Data import
Users must import their TDS invoice values in the "All-Purchase Invoices" template sheet.
Step 2: Summary preparation
The data would be imported from the Data Import section and prepared as per the summary format provided by the government.
Users need to proceed to the GST Return section and enter the GSTR-07 tile
Users can see their prepared summary from their imported data. Users can also see whether they have any "Rejected records" which were by their deductees.
The users can add, edit and delete their records from the prepared data. Click on the "Detailed View" button and edit all the records as per the user's requirement.
Step 3: Upload the prepared summary
Once the summary is prepared, the user needs to click on the upload button as shown above. They can also check their upload history, in the "Upload History" button.
Step 4: Challan creation and Payment
Liabilities can be paid in cash only. The cash balance available in the electronic cash ledger as of the date will be shown.
Scenario 1: If the available cash balance in the Electronic Cash Ledger is less than the amount required to offset the liabilities:
If the available cash balance in the Electronic Cash Ledger is less than the amount required to offset the liabilities, the available cash balance is shown to be as utilised from the Electronic Cash Ledger. Users may create a challan for the additional cash directly by clicking on the CREATE CHALLAN button.
The Create Challan page is displayed.
Select the Payment Modes.
Click the GENERATE CHALLAN button.
The Challan is generated.
Step 5: File
Once the payment is done, the user can go ahead and file the GSTR-07 using DSC or EVC.
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