GSTR-5

Step by Step Guide for GSTR-5

Introduction Of GSTR-5?

One Who registered NRI taxable person needs to prepare a return to GSTR-5 electronically through the GST Portal.

GSTR-5 is a monthly return which due date every 20th of next month. if current Months  GSTR-5 is not filed then can’t proceed next month’s return.

Why is GSTR-5 important?

GSTR 5 Maintains all business data for non-resident including the details of sales & purchases.

Information from GSTR-5 will flow into GSTR-2 of buyers.

Details of supplier of online information and database access or retrieval service by a person located outside India made to non-taxable person in India

1. GSTIN

Provide your GSTIN. Provisional id can also be used as GSTIN if you do not have

2. Name of the Taxpayer

Name of the taxpayer including legal and trade name (will be auto-populated)

Validity period of registration– The validity period will also be auto-generated.

Month, Year –  Fill the relevant month & year for which GSTR-5 is being filed.

 

GSTR-5

 

  1. In this section, the Non Registered person can change any details in imports furnished in earlier returns.

Changes can be made in-

  1. Bill of entry
  2. Rate of IGST
  3. Taxable value
  4. Amount of IGST & Cess
  5. Amount of ITC now available
  6. Differential amount of ITC (if excess will be reversed and vice versa)  

Note: Both Original & Revised Details of Bill of Entry must be given

 

GSTR-5

 

  1. Taxable outward supplies made to registered persons (including UIN holders)

This heading will contain invoice wise details of B2B sales in India including sales to UIN holders.

 

GSTR-5

6.It will contain all details of B2C Large sales, i.e., inter-state sales (where invoice value is greater than Rs.2.5 lakhs)  to unregistered persons.

GSTR-5

  1. It will contain details of sales to unregistered dealers (B2C Others). Both intra-state and inter-State sales which are less than 2.5 lakhs must be mentioned.
  1. Intra-state sales can be mentioned in a consolidated summary.
  2. Inter-state sales must be mentioned state-wise.

GSTR-5

 

8.It will contain any changes in details of B2B and B2C Large of previous months.

Original debit notes and credit notes issued during the month will be furnished here.

Amendments to invoices and debit & credit notes issued will also appear here. In case of revisions, original details have to mention.

GSTR-5

 

9.This heading will contain changes in details of B2C sales of previous months

  1. Intra-state sales can be mentioned in a consolidated summary.
  2. Inter-state sales must be mentioned state-wise.

GSTR-5

10. Total Tax Liability

This heading will show the total tax liability.

 

  1. On account of outward supply: This subheading will show details of tax liability for outward supplies for the current month.
  2. On account of differential ITC being negative in Table 4: It will contain the additional tax to be paid due to the reversal of ITC (i.e., differential ITC being negative) on making changes in any imports of earlier months.

GSTR-5

11. Tax payable and paid

This heading will have the details of tax you are actually paying during the month.

The breakup of IGST, CGST, SGST & Cess will be shown. The taxpayer can opt to pay by cash or use ITC.

GSTR-5

  1. Interest, late fee and any other amount payable and paid

It will contain details of interest and late fee due and actually paid on account of late filing of the return.

 

GSTR-5

13. It will contain the details of all refunds received into electronic cash ledger. There is a dropdown to select in which bank account the NR wants to receive the refund.

GSTR-5

  1. It will show the debit entries in 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.

GSTR-5

Finally, the return is verified by the authorized signatory. The authorized signatory is a representative of the NR and must be a person resident in India with a valid PAN.

GSTR-5

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