In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 20/2024 – Central Tax on October 08, 2024, introducing a significant change to Rule 66 of the Central Goods and Services Tax (CGST) Rules. This amendment introduces a timeline for submitting FORM GSTR-7, used by registered persons to deduct tax at source (TDS) under Section 51 of the CGST Act.
Key Update
The amendment specifies that FORM GSTR-7 must be furnished "on or before the tenth day of the month succeeding the calendar month", ensuring a more streamlined approach to TDS filing. This new rule will come into effect from November 1, 2024.
Before and After Comparison
- Before: Every registered person required to deduct tax at source under Section 51 was required to furnish a return in FORM GSTR-7 electronically through the common portal.
- After: Now, every registered person required to deduct tax at source under Section 51 must furnish FORM GSTR-7 on or before the 10th day of the succeeding month electronically through the common portal.
Official copy of the notification has been attached
CAclubindia
