The Central Board of Indirect Taxes and Customs (CBIC) has reminded GST taxpayers and E-Commerce operators who deduct TDS to file GSTR-7 and GSTR-8 returns by September 10, 2021.
GSTR-7 is a monthly return that must be filed by those who are obligated to deduct TDS under the Goods and Services Tax (GST). By the 10th of the next month, every GST registered person who is required to deduct TDS under GST must file a return on Form GSTR-7. It includes information such as the amount of TDS deducted, the amount of TDS payable, and the amount of TDS refunded.
GSTR-8 is a monthly return required by GST-registered e-commerce firms
If the GST return is not filed on time, a penalty of Rs 100 would be charged under the CGST and Rs 100 will be assessed under the SGST, for a total of Rs 200 per day. The maximum late cost, however, shall not exceed Rs 5,000. If the taxpayer files their IGST late, they will not be charged a penalty. The interest of 18 percent p.a. must be paid in addition to late fees. It must be computed based on the amount of TDS to be paid. The interest computation period will be from the next day after the filing deadline to the payment deadline.