What is GSTR-5?
The GSTR-5 form is a monthly return form required to be furnished by every registered non-resident taxable person at the GST Portal. Non-resident taxable persons are those suppliers, who do not have a business establishment in India and have come to India for a short period of time to make supplies.
Why is GSTR-5 important?
- It will contain all business details for non-resident (NR) including the details of sales & purchases.
- Information from GSTR-5 will flow into GSTR-2 of buyers.
Penalty
Late filing of GSTR-5 returns will lead to interest and late fees.
The interest is 18% per annum and will be calculated by the taxpayer on the amount of outstanding tax to be paid. Time period will start from the next day of filing i.e. the 21st of the month to the date of actual payment.
The late fees is INR 100 per day for CGST and INR 100 per day for SGST i.e. a total of INR 200 per day – till a maximum is INR 5,000. There is no late fees however on IGST.
Due date of filling
How to file GSTR - 5
The following are the details to be provided in the GSTR-5 form, spread across 14 tables:
The Software Technology Park (STP) scheme is for providing facilities to IT industry for undertaking software development and IT enabled services for 100% exports using data communication links in the form of physical exports including export of professional services. Individual units can also be allowed to do business in the domestic (Indian) market up to 50% of the exports. STP units can also undertake commercial training. STP units also regulate the IT business through licensing, acting as a link between the customer and Government authorities and agencies. Under the scheme, IT industries are provided certain concession in duties, levies and taxes.
3 fields, namely – the legal name of the taxpayer, trade name of the business and the validity period of registration - will be auto-populated.
The non-resident taxable person must report his inputs and capital goods imported into India. Details of bill of entry along with the rate of tax, IGST, cess paid and amount of ITC available, should also be provided. Please note that a non-resident taxable person will only have import inward supplies i.e. purchases.
In this section, the non-resident taxable persons can change any details in imports furnished in earlier returns. The changes can be made in
- Bill of Entry (Both original and revised details of bill of entry must be given)
- Rate of IGST
- Taxable value
- Amount of IGST & Cess
- Amount of ITC now available
- Differential amount of ITC (excess of this will be reversed and vice versa)
This section will contain the invoice wise details of B2B sales in India, including sales made to UIN holders. The details of IGST or CGST & SGST and Cess along with the State, must be provided.
This section will contain the details of all large B2C inter-State sales made to unregistered persons, where the invoice value is greater than INR 2.5 lakhs.
This section will contain details of sales to unregistered dealers (both intra-state and inter-State), where the invoice value is less than INR 2.5 lakhs. Intra-state sales can be mentioned in a consolidated summary, whereas inter-state sales must be mentioned state-wise.
This section will contain any changes in details furnished in previous months. Original debit notes and credit notes issued during the month will be furnished here. Amendments to invoices, debit notes and credit notes issued will also appear here. In case of revisions, original details will have to be mentioned.
This section will contain changes in details of sales of previous months (originally disclosed in Table 7). Intra-state sales can be mentioned in a consolidated summary, whereas inter-state sales must be mentioned state-wise.
This section will contain changes in details of sales of previous months (originally disclosed in Table 7). Intra-state sales can be mentioned in a consolidated summary, whereas inter-state sales must be mentioned state-wise.
a. On account of outward supply
Details of tax liability for outward supplies for the current month.
b. On account of differential ITC being negative in Table 4 : Details of additional tax to be paid due to reversal of ITC (i.e. differential ITC being negative) on making changes in any imports of earlier months as per Table 4
This section will have the details of tax actually paid during the month. Breakup of IGST, CGST, SGST & Cess will be shown. The taxpayer can opt to pay through cash or use ITC.
This section will contain details of interest and late fees due and actually paid on account of late filing of return.
This section will contain the details of all refunds received into the electronic cash ledger. There is a dropdown to select in which bank account the non-resident taxable person wants to receive the refund.
This will show the debit entries in the electronic cash ledger, i.e. cash outflow for payment of tax/interest/late fee. It is populated after payment of tax and submissions of return.