Every registered person liable to deduct tax at source shall furnish Monthly Gst Return [Section 39(3)] - GST Ready Reckoner - GST

Every registered person liable to deduct tax at source shall furnish Monthly Return [ Section 39(3) Read with Rule 66 ] After Substitution - Every registered person required to deduct tax at source under section 51 shall electronically furnish a return for every calendar month of the deductions made during the month in Form GSTR-7 and through the common portal either directly or from a Facilitation Centre notified by the Commissioner, for the month in which such deductions have been made [ on or before the tenth day of the month succeeding the calendar month w.e.f. 01.11.2024 Vide N.No. 20/2024-CT dated 08.10.2024]. The said registered person shall furnish a return for every calendar month whether or not any deductions have been made during the said month. [ Section 39(3) Read with Rule 66(1)] [(w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) substituted vide Finance (No.2 ) Act, 2024 ] Before substitution - Every registered person required to deduct tax at source under the provisions of section 51 shall furnish a return in Form GSTR-7 electronically through the common portal either directly or from a Facilitation Centre notified by the Commissioner, for the month in which such deductions have been made within 10 days after the end of such month. The details furnished by the deductor under rule 66(1) shall be made available electronically to each of the deductees on the common portal after filing of FORM GSTR-7 for claiming the amount of tax deducted in his electronic cash ledger after validation. [ Rule 66(2) ] The certificate referred to in section 51(3) shall be made available electronically to the deductee on the common portal in FORM GSTR-7A on the basis of the return furnished under rule 66(1). [ Rule 66(3) ] Levy of Late Fee [ Section 47(1) ] Any registered person who fails to furnish the details of outward supplies required under section 37 or returns required under section 39 or section 45 or section 52 by the due date shall pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum amount of five thousand rupees. Waives the late fee payable for failure to furnish the return in FORM GSTR-7 referred to in section 47 of the CGST Act. [ Notification No. 22/2021 Central Tax dated 1st June 2021 ( as amended time to time ) Superseded vide Notification No. 23/2024 Central Tax dated 08-10-2024 ] The Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of the said Act by any registered person, required to deduct tax at source under the provisions of section 51 of the said Act, for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, which is in excess of an amount of Rs. 25/- for every day during which such failure continues. the total amount of late fee payable under section 47 shall stand waived which is in excess of an amount of one thousand rupees. Penalty in respect of TDS As per Section 122(1) Where a taxable person who fails to deduct the tax in terms of section 51(1) , or deducts an amount which is less than the amount required to be deducted under the said sub-section, or where he fails to pay to the Government u/s section 51(2) thereof, the amount deducted as tax. Penalty equal to a) Rs. 10000/- or b) an amount equivalent to the tax evaded or the tax not deducted under section 51 or short deducted or deducted but not paid to the Government, whichever is higher.