How to file GSTR-7?

What is GSTR-7?GSTR-7 is a return to be filed by the person who deducted TDS under GST.

Step 1 : Login to GST official website https://services.gst.gov.in/services/login

Step 2:  Then Under menu bar move curser to services.

Step 3: A Sub-menu open up click on return.

Step 4: Than, go to New return (Trial).

Step 5: On clicking New return(Trial) Select Financial year and Period, and click Search.

Step 6:  Thereafter , A message appears like as under : -

Prepare Online :-

Deductor with less than or equal to 500 records per table (Table 3 and Table 4) may make use of this facility.

Steps to be taken:

• Click on 'Prepare Online';
• Fill the TDS details (Table 3) and amendments to TDS details (Table 4) related to previous periods;
• Click on 'Compute Liabilities'; and
• Click on 'Proceed to File' and File GSTR-7.

Prepare Offline :-

Deductor with more than 500 records per table (Table 3 and Table 4) can prepare their return by using the offline utility and subsequently upload on GST Common Portal.

You can download the GSTR-7 offline tool from the 'Downloads' section in the pre-login page on the portal. You should have downloaded the Offline Tool and installed it on your computer.

• Click on 'Prepare Offline';
• Click on 'Download' to download auto-drafted GSTR-7 details, if any;
• Follow instructions in 'GSTR-7 offline tool' to add details and generate JSON file for upload; and
• Click on 'Upload' to upload JSON file and file the return with help of instruction available on GSTR-7 dashboard

Deductor having records upto 500 can also use offline utility for filing GSTR-7.

and 

Step 7 : Click on Prepare Online.

Step 8 : Fill the TDS details (Table 3) and amendments to TDS details (Table 4) related to previous periods.

Step 9 : Click on 'Compute Liabilities.

(you needs to wait for sometime then click refresh and this makes highlighted the table 5 & 6 )

Table 5 & 6 shows Payment of taxes payable and Paid by you .

Step 10 : Click on 'Proceed to File' and File GSTR-7.

Accounting : Introduction MCQs

Chapter 1 Accounting: An Introduction 

(Meaning and Scope of Accounting)

1. which of the following is not a sub-field of accounting?

a) Management Accounting
b) Cost Accounting
c) Financial Accounting
d) Book-Keeping.

Ans: D) Book Keeping

2. Purpose of an accounting system include all the following except

a) interpret and record the effects of business transaction.

b) Classify the effects of transactions to facilitate the preparation of reports.

c) Summarize and communicate information to decision makers.

d)  state the specific types of business enterprise transactions that the enterprises may engage in.

Ans: D) state the specific types of business enterprise transactions that the enterprises may engage in.

3. Book-keeping is mainly concerned with 

a) Recording of financial data.

b) Designing the systems in recording, classifying and summarising the recorded data.

c) Interpreting the data for internal and external users

d) None of the above.

Ans: A) Recording of financial data.

4. All of the following are functions of Accounting except 

a) Decision making

b) Forecasting

c) Measurement

d) Ledger posting

Ans: d) Ledger posting

5. Financial statements are part of .

a) Accounting.

b) Book-keeping

c) None of the above.

d) All of the above.

Ans: a) Accounting.

6. Financial position of the business is ascertained on the basis of

a) Records prepared under book-keeping process.

b) Trial balance

c) Accounting reports.

d) None of the above.

Ans: c) Accounting Reports.

7.  Users of accounting information include 

a) Creditors

b) Customers

c) Lenders.

d) All of the above.

Ans: d) All of the above.

8. Financial statements do not consider 

a) Assets expressed in monetary terms.

b) Liabilities expressed in monetary terms.

c) Only assets expressed in non-monetary terms.

d) Assets and liabilities expressed in non-monetary terms.

Ans: d) Assets and liabilities expressed in non-monetary terms.

9. On January 1, Sohan paid rent of 5,000. This can be classified as 

a)  An Event A transaction as well as an event.

b) A transaction.

c) A transaction as well as an event.

d) Neither a transaction nor an event

Ans: b) A transaction. 

10. On March 31, 2011 after sale of goods worth 2000, he is left with the closing stock of 10,000. This is 

a) An event.

b) A transaction.

c) A transaction as well as an event.

d) Neither a transaction nor an event.

Ans: a) An Event