Beginning with the October 2024 tax period, it is mandatory to file GSTR-7 by taxpayers in a sequential order.
Mandatory Sequential Filing of GSTR-7 Returns: The Goods and Services Tax Network (GSTN) has issued an important update regarding the sequential filing of GSTR-7 returns as per Notification No. 17/2024-Central Tax, dated 27th September 2024. This change, effective from 1st November 2024, requires taxpayers to file GSTR-7 returns in chronological order. Below is a detailed clarification to assist taxpayers in complying with the revised filing process.
Key Highlights of the Sequential Filing Requirement
- Mandatory Sequential Filing
Beginning with the October 2024 tax period, taxpayers filing GSTR-7 must follow a sequential order. This means:- GSTR-7 returns for October 2024 must be filed first.
- Returns for subsequent months can only be filed after completing the previous periods in chronological order.
- NiL Returns for Non-Deduction Months
For months where no deductions have been made, deductors must file a NiL return for that period. This ensures the sequential order remains intact, even if there are no transactions. - Changes from Earlier FAQs
Taxpayers are advised to disregard earlier FAQs stating that sequential filing is not mandatory. As per the latest notification, sequential filing is now compulsory, and compliance is required starting from the October 2024 tax period.
How This Impacts Taxpayers
Taxpayers who have previously skipped filing returns for earlier months must ensure that all pending returns are submitted in chronological order before attempting to file for later periods. Non-compliance with this requirement could lead to filing issues or penalties.
Need Assistance?
For further support or clarification regarding GSTR-7 sequential filing, taxpayers can reach out to the GSTN Helpdesk. Stay updated with the latest GST notifications to ensure timely compliance and avoid disruptions in return filing.
This advisory aims to streamline the GSTR-7 filing process and ensure proper adherence to the latest GST regulations. Taxpayers are encouraged to comply with the updated requirements promptly.
Also Read: Rectification of DRC-7 (Summary Order) under GST
To Access the Advisory in GST Portal Click Here
READ MORE