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GSTR 5

About of Service

. Who needs to file GSTR-5?

GSTR-5 must be filed by non-resident taxable persons (NRTPs) who:

  • Are not residents of India.
  • Do not have a fixed place of business or residence in India.
  • Are involved in supplying goods or services in India, either as the recipient or supplier of goods or services.

2. Filing Frequency

GSTR-5 is filed on a monthly basis. It needs to be filed within 20 days after the end of the tax period or within seven days after the last day of the validity period of registration, whichever is earlier.

3. Information Required in GSTR-5

The GSTR-5 return includes the following details:

  • Basic information about the non-resident taxable person (name, address, GSTIN).
  • Period for which the return is being filed.
  • Details of inward supplies (purchases) and outward supplies (sales) made during the tax period.
  • Tax payable on such supplies, including integrated tax (IGST).
  • Input tax credit (ITC) claimed, if any.
  • Interest or late fees, if applicable.

4. How to File GSTR-5

To file GSTR-5, NRTPs can follow these steps:

  • Log in to the GST portal using their GSTIN and password.
  • Navigate to Services > Returns > Returns Dashboard.
  • Select the financial year and tax period for which GSTR-5 needs to be filed.
  • Fill in the required details accurately.
  • Submit the return and make any necessary tax payments.

5. Consequences of Non-Filing or Late Filing

Failure to file GSTR-5 or late filing can lead to penalties and interest:

  • A late fee of Rs. 50 per day of delay (Rs. 20 per day for nil returns).
  • Interest at 18% per annum on the outstanding tax liability.

6. Revision of GSTR-5

GSTR-5 cannot be revised once filed. Any errors or omissions must be corrected in the subsequent month's return, if applicable.

7. Exemptions from GSTR-5 Filing

There are no specific exemptions provided for filing GSTR-5. NRTPs registered under GST must comply with the filing requirements unless their registration is cancelled before the due date of filing GSTR-5.

8. Prerequisites for Filing GSTR-5

Before filing GSTR-5, NRTPs should ensure:

  • Accurate compilation of inward and outward supply details during the tax period.
  • Correct calculation of tax liabilities and input tax credit (if applicable).
  • Timely payment of taxes due under GST laws.

9. Recent Updates and Notifications

Taxpayers should stay updated with notifications from the GST Council and the GST portal for any changes in the filing process, due dates, or requirements related to GSTR-5.

GSTR-5 is crucial for NRTPs to maintain compliance with Indian GST regulations while conducting business activities in India. If you have more questions or need further assistance, feel free to ask!

Uses and Benefits
  • Who needs to file GSTR-5? Non-resident taxable persons (NRTPs) who conduct business transactions in India and are registered under GST must file GSTR-5. These individuals or entities typically do not have a fixed place of business in India but are required to comply with Indian GST regulations for the duration of their business activities.
  • What is the filing frequency for GSTR-5? GSTR-5 is filed on a monthly basis. The return must be filed within 20 days after the end of the tax period or within seven days after the last day of the validity period of registration, whichever is earlier.
  • . What information is included in GSTR-5? GSTR-5 includes details such as: Basic information about the non-resident taxable person (name, address, GSTIN). Period for which the return is being filed. Details of inward supplies (purchases) and outward supplies (sales) made during the tax period. Tax payable on such supplies, including integrated tax (IGST). Input tax credit (ITC) claimed, if any. Interest or late fees, if applicable.
  • How to file GSTR-5? Non-resident taxable persons can file GSTR-5 online through the GST portal (www.gst.gov.in). Log in using their GSTIN and password. Navigate to Services > Returns > Returns Dashboard. Select the financial year and tax period for which GSTR-5 needs to be filed. Fill in the required details and submit the return. Make any necessary tax payments.
  • What are the consequences of non-filing or late filing of GSTR-5? Non-filing or late filing of GSTR-5 can lead to penalties and interest. A late fee of Rs. 50 per day of delay (Rs. 20 per day for nil returns) is applicable. Interest is charged at 18% per annum on the outstanding tax liability.

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Additional Disclosure

  1. Details of Business Activities:

    • Provide a comprehensive description of the nature of business activities carried out in India during the reporting period.

  2. Nature of Supplies:

    • Specify the nature of supplies made to registered persons in India, such as goods or services supplied, including any specific categories or types of transactions.

  3. Details of Imports and Reverse Charge Mechanism:

    • Provide information on services imported into India for which reverse charge mechanism applies, if applicable.
    • Include details of any goods imported into India and the corresponding IGST paid, if applicable.

  4. Place of Supply:

    • Specify the place of supply for each transaction, especially if the supplies are deemed to be made in India under GST rules.

  5. Tax Calculation:

    • Provide a breakdown of tax calculation for each supply, including taxable value, IGST charged, and any adjustments or corrections made.

  6. Documentation and Invoices:

    • Ensure that all invoices issued for supplies made to registered persons in India are properly documented and maintained.
    • Include details of import documents and payment receipts to substantiate the information reported in GSTR-5.

  7. ITC (Input Tax Credit) Utilization:

    • If eligible, provide details of any ITC claimed and utilized during the reporting period, ensuring compliance with GST regulations.

  8. Declaration of Compliance:

    • Certify the accuracy and completeness of the information provided in GSTR-5.
    • Confirm that all necessary taxes have been paid or adjusted correctly as per GST rules.

  9. Internal Controls and Procedures:

    • Describe internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations for GSTR-5.

  10. Digital Signature (if applicable):

    • Ensure that the GSTR-5 form is digitally signed, where required, to authenticate the accuracy and completeness of the information provided.

  11. Review and Certification:

    • Conduct a thorough review of all entries to ensure accuracy and compliance with GST regulations before submission.
    • Optionally, provide a certification from a Chartered Accountant or Tax Practitioner affirming the accuracy and completeness of the GSTR-5 data.

Terms & Conditions

Documents & Detail Required

  1. Organizational Information:

    • Details about the non-resident taxpayer including legal name, business address, contact information, and tax identification numbers from their home country.

  2. Details of Business Activities:

    • Description of the nature of business activities conducted in India.

  3. Invoice Details:

    • Details of invoices issued for supplies made to registered persons in India, including:
      • Invoice numbers and dates
      • Customer's GSTIN (Goods and Services Tax Identification Number), if applicable
      • Description of goods or services supplied
      • Quantity and unit of measurement
      • Taxable value and tax amount (IGST)

  4. Details of Import of Services:

    • Information on services imported into India for which reverse charge applies, if applicable.

  5. Payment of Tax:

    • Details of tax payable on the supplies made and tax paid through electronic cash ledger.

  6. Adjustments and Amendments:

    • Information on any adjustments or amendments made to previous GSTR-5 filings, if applicable.

  7. Declaration of Compliance:

    • A declaration certifying the accuracy and completeness of the information provided in GSTR-5.

  8. Digital Signature (if applicable):

    • Ensure that the GSTR-5 form is digitally signed, where required, to authenticate the accuracy and completeness of the information provided.

  9. Supporting Documents:

    • Maintain supporting documents such as invoices, import documents, payment receipts, and any other relevant documents that substantiate the information reported in GSTR-5.

  10. Internal Controls and Procedures:

    • Describe internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations for GSTR-5.

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FAQ'S

What is GSTR-5?

GSTR-5 is a return form that must be filed by non-resident taxable persons (NRTPs) who are registered under GST in India. It captures details of their business transactions conducted in India for a specific tax period.

Who is required to file GSTR-5?

Non-resident taxable persons (NRTPs) who have no fixed place of business in India but are engaged in the supply of goods or services in the country need to file GSTR-5.

What is the due date for filing GSTR-5?

GSTR-5 must be filed within 20 days after the end of the tax period or within seven days after the last day of the validity period of registration, whichever is earlier.

Can GSTR-5 be revised after filing?

No, GSTR-5 cannot be revised once it has been filed. Any errors or omissions need to be corrected in the subsequent month's return.

What details are required in GSTR-5?

GSTR-5 requires the following details: Basic information about the non-resident taxable person (name, address, GSTIN). Period for which the return is being filed. Details of inward supplies (purchases) and outward supplies (sales) made during the tax period. Tax payable on such supplies, including integrated tax (IGST). Input tax credit (ITC) claimed, if any. Interest or late fees, if applicable.