GSTR 5 and its particulars

0
52
GSTR 5 and its particulars
GSTR 5 and its particulars

The non-resident taxable persons, who are registered under GST are supposed to file GSTR-5. The taxpayers who occasionally make transactions associated with the supply of Goods and Services or both, whether as principal or agent or in any other capacity, but who do not have a fixed place of business or residence in India are called non-resident taxable persons.  It is mandatory for the non-resident taxable persons to obtain a GST registration and file GST Returns on regular intervals.

GSTR-5
GSTR-5

Download Click Here and use our Android App to file Income Tax Return

What are the necessary details while filing GSTR-5?

While filing GSTR-5 the non-resident taxable persons are required to provide the following details: –

  • The total tax liability of the taxpayer.
  • Tax payable and paid by the taxpayer.
  • Interest, late fee and any other amount payable and paid by the taxpayer.
  • Refund claimed from electronic cash ledger.
  • Inputs/ Capital goods received from Overseas that is the Import of goods.
  • Amendment regarding the details furnished in any earlier return.
  • Taxable outward supplies made to the registered persons including the UIN holders
  • Taxable outward inter-State supplies to unregistered persons where the value of invoice is more than Rs. 2.5 lakhs.
  • Taxable supplies (net of debit notes and credit notes) to unregistered persons.
  • Amendments to taxable outward supply details furnished in returns that are file earlier.
  • Amendments to taxable outward supplies to unregistered persons furnished in returns for the earlier tax periods.

Download Click Here and use our IOS App to file your Income Tax Return

How the non-resident taxpayers are registered under Section 27?

As per section 27 a non-resident taxpayer is given a short-term registration to carry out supplies for the set period in the registration application or within 90 days from the date of registration of such application, whichever ends earlier. The taxpayer registered under this section cannot carry out trade unless the application is issued to him/ her.

What are the due dates to file GSTR-5?

The GSTR-5 is a monthly return, that is filed by the taxpayer on the 20th of every month. This monthly return consists of the details of inward and outward supplies made by the taxpayer in the previous month.  Moreover, the GST registration for the non-resident taxable person comes with an expiry date. Therefore, the taxpayer is required to file GST return 7 days prior to the expiry of the registration.

What is Penalty for late filing of GSTR-5?

The Penalty for late filing of GSTR-5 is Rs. 50 per day, for the taxpayers who have a tax liability. Apart from that, the penalty for the taxpayers with no tax liability is Rs. 20 per day.

So, what are you waiting for, click here and file your GST Return today with All India ITR.

All India ITR Login | Start Filing Income Tax Return

SHARE
Previous articleFiling GST Return with GSTR-4
Next articleEverything you need to know about GSTR-9
All India ITR
All India ITR, one of India’s leading tax prep websites offering personal tax solutions focussing on income tax return filing through tech platforms, be it the web, Android or iOS, is dedicated to making tax returns as easy and convenient and yet as complete as possible. With value added services to help maximise tax savings and minimise tax outgo and tax investment advice the comparative advantage of specialization allows us to uniquely serve our clients. All India ITR is certified to conduct E-return intermediary services by the Income Tax Department of India.

LEAVE A REPLY

Please enter your comment!
Please enter your name here