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GSTR 5 by HA TAX

GSTR 5

Jun 10, 2022

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To cater to various types of transactions as well as citizens, the GST council of India has come up with various types of GST return forms. One such return form is GSTR 5. 

This is a return which has to be filed by the non-resident foreign taxpayers (who are registered under GST) for the duration of the time period when one carries out business transactions in India. The GSTR5 form contains details of all transactions, which is, inward & outward made or received by the non-residents. The information contained over GSTR5 will be transmitted to GSTR 2 of buyers too. The return filing process can be done both online as well as offline in the tax facility centres.

Pre-Requisite for GSTR 5

Some of the pre-request condition that has to be taken care-off before filing GSTR5 is as-

  1. The individual taxpayer should have non-resident status, that is, should be registered as a non-resident taxable person.
  2. Under GST Act, individuals should be registered and have a valid GSTIN. 
  3. Individuals have authentic, & recognised Digital Signature Certificate (DSC) or Electronic Verification Code (EVC) 
  4. Individuals or Businesses should have valid identity proof. 

Note: For Companies, LLP or FLLP Digital Signature Certificate (DSC) is mandatory.

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Who should file for GSTR 5?

Non-Resident foreign taxpayer registered under GST, who doesn’t have any business establishment in India for the period of time when they carry out business transactions in India.

Due Dates of filing GSTR5

The due date for filing GSTR5 is the 20th of the succeeding month.

Due to the current unstable economic situation the date of filing is extended which has given the ease to the individual taxpayer under GSTR5. Some of the relevant changes are-

  1. March, April, & May 2021 – extended to 30th June 2021 (To file GSTR5)
  2. March & April 2021- extended to 31st May 2021 (To furnish GSTR- 5)

Note- For a further update on the due date of GSTR5 consult HA.

The other point that has to be taken care of is that the filing should be done within 7 days from the date of registration expiry.

Note: One cannot make changes in the invoice once GSTR-5 has been filed.

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Late fee charge of GSTR5

Given the condition, if one doesn’t file one GSTR 5 then eligibility to file the next GSTR 5 is also not acceptable.

The late fee charge is Rs. 50 per day and 18% interest is charged on the outstanding tax amount. For Nil Return filing, Rs. 20 is charged per day.

Taking due care, the GST council has proposed that the maximum late fee amount will not exceed Rs. 5000.

In concise, late fees will create a cascading effect.

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