GSTR 7 is the return that has to be filed by the tax deductor about tax deducted at the source. Deductor is required to file the return and has to provide the detail of the amount of TDS in his return. When the deductor pays the amount of TDS, it shall get reflected into the credit ledger of the deductee. The deductee shall claim credit, in his electronic cash ledger, of the tax deducted by the deductor.
Apart from the return, the Tax deductor has to furnish the Certificate of Deduction to the deductee which shall include:
the contract value,
the rate of deduction,
the amount deducted,
an amount paid to the appropriate Government and
such particulars as may be prescribed in this behalf.
GSTR 7 has a total of 8 headings, the taxable person need not worry as most of these will be pre-filled. But we need to understand certain terms:
GSTIN : Goods and Services Taxpayer Identification Number
UIN : Unique Identification Number
UQC : Unit Quantity Code
HSN : Harmonised System of Nomenclature
SAC : Services Accounting Code
POS : Place of Supply of Goods and Services
B2B : From one registered person to another registered person
B2C : From registered person to unregistered person