Having discussed basic GST returns like GSTR – 1, GSTR – 2 and GSTR – 3, we now move on to special returns such as GSTR 5, which are to be filled by non-residents.
What is GSTR 5?
GSTR 5 is a special return that has to be filed by a registered non-resident taxable person, in the GST portal. It is important to note that the information from GSTR 5 flows into the GSTR 2 – of buyers.
Who is a Non-Resident Foreign Taxpayer?
Suppliers who do not have a permanent business establishment in India and have come to India for a short period to make supplies are considered to be Non-Resident Foreign Taxpayers. The details of all the taxable supplies have to be furnished by such suppliers have to be provided in GSTR 5.
Due Date for filing GSTR 5
GSTR 5 is a monthly return, filed every 20th of the next month. Hence the return of November 2017, will be due on 20th December 2017.
Information to be filed in GSTR 5
- GSTIN: The GSTIN (Goods and Services Taxpayer Identification Number) received from the government needs to be entered in this field, incase you do not have one, Provisional Id can also be used as GSTIN.
- Name of the Taxpayer: The name of the taxpayer along with the legal and trade name needs to be provided here (auto-populated).
- Inputs/Capital goods received from Overseas (Import of Goods): The NR needs to report inputs and capital goods in this field. Details of Bill entry and rate of tax, IGST, paid cess and ITC amount available need to be mentioned here.
- Amendment in the details furnished in any earlier return: The NR can make changes in any details in furnished imports in returns filed earlier, in this section. Changes can be made in Bill of entry, Rate of IGST, Taxable value, Amount of IGST and cess, Amount of ITC now available and the Differential amount of ITC.
- Taxable outward supplies made to registered persons (including UIN holders): This field should contain invoice wise details of the B2B sales in India (also sales to UIN holders). Details of IGST/CGST & SGST & cess need to be mentioned here.
- Taxable outward inter-State supplies to un-registered persons where invoice value is more than Rs 2.5 lakh: This field will contain all the details of large sales (B2C) i.e. interstate sales to unregistered persons.
- Taxable supplies (net of debit notes and credit notes) to unregistered persons other than the supplies mentioned at Table 6: This field needs to be filled with details of sales to unregistered B2C/Others dealers and all intra-state/inter-state sales less than 2.5 lakhs.
- Amendments to taxable outward supply details furnished in returns for earlier tax periods in Table 5 and 6 [including debit note/credit notes and amendments thereof]: This field needs to be filled with any changes in the details of large B2B and B2C sales in the previous months. Original debit/credit notes will be furnished here and in case of any revisions, the original details need to be mentioned here too.
- Amendments to taxable outward supplies to unregistered persons furnished in returns for Earlier tax periods in Table 7: This field will contain changes made in the details of B2C sales of previous months (as disclosed in Table 7)
- Total Tax Liability: This field will mention total tax liability on the basis of outward supplies of the current month and also the additional tax to be paid due to the reversal of ITC due to changes made in import details of earlier months if any.
- Tax payable and paid: This field will contain the details of the tax actually being paid in the month, with the breakup of IGST, CGST, SGST, and cess.
- Interest, late fee and any other amount payable and paid: This field will contain the details of late fee and interest due, along with the amount actually paid on account of filing the returns late.
- Refund claimed from electronic cash ledger: Details of all the received refunds into electronic cash ledger (ECL), need to be entered here. The name of the bank in which the refund is to be deposited can be chosen from a drop-down.
- Debit entries in electronic cash/credit ledger for tax/interest payment [to be populated after payment of tax and submissions of return]: This field will reflect debit entries in ECL, and will be populated post the payment of tax and return submission.
Post verification by authorized signatory (Representative of the NR who must have an Indian Citizenship and called PAN), the return can be filed.
What is the penalty for not filing GSTR 5?
If a month’s GSTR 5 is not filed then one cannot file the return for the next month too, which will lead to a cascading effect resultant in heavy fines and penalties.
If late in filing the returns, one is liable to pay interest and late fee. The interest per annum is 18%, calculated on the outstanding amount and will be compounded from the nest day of filing (i.e. 21st of the month) to the payment date.
A Late fee of Rs. 100 is levied per day – per act, up to a maximum of Rs. 5000, hence under CGST and SGST the total late fee charged, is Rs. 200 per day.