Accountantjee

Form GSTR-7: Understanding the Essentials Introduction: Form GSTR-7 is a crucial return filing requirement under the Goods and Services Tax (GST) system. It pertains to individuals and entities who are responsible for deducting tax at source when making payments to suppliers for the inward supplies they receive. Key Responsibilities of a Tax Deductor: Tax deductors are legally bound by several obligations under Form GSTR-7: Monthly Declaration: They must declare their TDS (Tax Deducted at Source) liability on a monthly basis using Form GSTR-7. Detailed TDS Information: Provide comprehensive details of the TDS deducted, categorized into Central tax, State/Union Territory tax, and Integrated tax. Timely and Accurate Filing: File a complete and accurate return within the stipulated timeframe. Timely filing is crucial because the TDS credit becomes available to the supplier once the TDS return in Form GSTR-7 is filed. TDS Certificate Issuance: Issue a TDS certificate to the deductee, ensur...

The Government has Introduced Electronic Credit Reversal & Re-claimed statement on GST Portal. To understand this we need to understand the concept of Credit Reversal, Rules & Section involved. Reversal of Input Tax Credit in GST Reversing input tax credit (ITC) in GST is when a business needs to undo the credit of the input tax they previously claimed. This can occur for various reasons, including: 1. Non-Business Use: 🚫 The goods or services were used for non-business purposes. 2. Exempt Supplies: 📦 The goods or services fall under the category of exempt supplies. 3. Non-Taxable Supplies: 💼 The goods or services were used for making non-taxable supplies. 4. Delayed Input Receipt: 📅 Inputs were not received within 180 days from the date of the invoice. In certain scenarios, even if the basic conditions for claiming ITC are met, ITC claims must be reversed. The reversal of ITC means that the credit for previously utilized inputs is added to the output tax liability, eff...