Government of India has introduced the Goods and Service Tax in the country’s business regime since 1st July 2017. Since the day of its inception, GST has changed the way businesses used to process in the country. Not only Indian but also non-resident suppliers do come under the regime. Registered Non-resident taxable suppliers are not only liable to register themselves under GST but also need to file GSTR-5 Form mandatorily.
1. Who Needs To File GSTR-5?
As previously said, non-resident taxable suppliers need to file the GSTR-5 form. A person who does not have a business establishment in India but supplies goods or services occasionally in the country can be counted as a Non-Resident taxable person. Such taxable person should not have any fixed place of business or residence in India. Apart from that, there are a few prerequisites of filing tax returns through GSTR-5.
Have a look below,
A person, who has no fixed place of business or residence in India, who seldom undertakes transactions that include good or services supplies to a business organization or another registered person in India.
4.1 Details required in table 1-2: details of taxpayers
GSTIN: GSTIN refers to a 15-digit Goods and Services Taxpayer Identification Number that includes a 10-digit permanent account number, 2-digit state code, and 3-digit state.
Legal name & trade name of the taxpayer: In this field, the name of the non-resident taxpayer who has a business establishment outside India should be provided. Post login, basic information will auto-populate.
Validity Period: Gets an auto-population
Month-Year: The taxpayer has to select the return filing period
4.2 Table 3 Details about imported goods
Goods imported: Taxpayers need to mention details of goods imported from outside India. In this case, the taxpayers need to fill Bill of entry wise details of imported goods and corresponding ITC Claimed.
4.3 Table 4 is about Modification of details for imported goods (if any)
If you have entered any incorrect information in Table-3 of earlier returns then Table-4 given you the option to correct such details.
Correction shall be carried out Bill of entry wise.
if there is any IGST rate change or a bill entry changes occur, that should be included here.
4.4 Table 5 includes B2B outward supplies
Here, details of all sales made to registered persons are furnished.
GSTIN Wise and Invoice wise details should be included in this section.
IGST or CGST & SGST will auto-populate depending upon the place of supply of transaction.
4.5 In table 6, B2C Inter-state supplies details needed
This head covers details with Inter-state supplies made to unregistered person where the value of Invoice exceeds Rs. 2.5 lakh.
4.6 Table 7, supplies sent to un unregistered person (does not include the services already mentioned above)
Supply made to an unregistered person (B2C Supply) is included here.
Rate wise figure is given of intra-state supply and inter-state supply for invoices less than INR 2.50 Lacs.
Includes place of supply wise details for invoices, more than 2.50 lacs.
4.7 Table 8, Information of modification required for the B2B outward or B2C inter-state supplies
In case of any changes required in the table-5 and table-6 filed in earlier returns, the details of the modification should be included in this section.
Entire modification is made giving referent of the original invoice number.
4.8 Table 9, this head includes modification details to table 7
Any modification required in table 7 about the supplies made to an unregistered person by a registered individual under 2.5 lakh, should include here.
Post selecting period, system will auto-populate values filed earlier and then you can make the necessary amendment.
4.9 Table 10, total Tax liability
The details regarding payable liability against IGST, CGST, and SGST should be included in this section.
4.10 Table 11, Total Tax Period
Include the details regarding the total amount of tax payable and paid under GST, CGST, and SGST.
This information will also auto-populate
4.11 Table 12, details regarding paid and payable interest and late fees
This section is all about paid and payable interest and lates fees and any other payable amount under CGST, IGST, and SGST.
4.12 Table 13, detailed amount of refunds claimed
This head gets auto-populated in case of details available regarding refunds claimed from Electronic Cash Ledger.
4.13 Table 14, Debit entries in electronic cash/credit ledger for tax/interest payable
After paying the tax and submitting the return, this section will be auto-populated regarding the tax Debit entries and interest paid.
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