The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification waiving late fees for TDS (Tax Deducted at Source) filers for delayed GSTR-7 submissions.
GSTR-7 is a monthly return that must be filed by individuals who deduct tax at source (TDS) under the Goods and Services Tax (GST). Any GST-registered person who is liable to deduct TDS under GST is required to submit Form GSTR-7 by the 10th of the following month. The form includes details of TDS deducted, TDS payable, TDS refunds, and other relevant information.
The procedure for the waiver of interest and penalty under Section 128A has been prescribed, along with a special rectification process to amend dues arising from the insertion of Sections 16(4) and 16(5).
Additionally, a reduction and waiver of the late fee for GSTR-7 returns filed late for the period from June 2021 onwards has been notified.
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