Axis Max Life Insurance
Term Insurance
Investment Plans
Healthcare Plans
NRI Plans
Calculators
Join as Advisor

GST Return GSTR-5: Meaning, Format, Eligibility, and Penalties

Under the GST Act 2017, GSTR-5 is specified to be filed by all the non-resident taxpayers making purchases and sales in India. These persons must file their monthly returns using the GSTR-5 form by logging in the GST po
...Read More

Term Insurance and Investment Plans

Image for tax percentage
Tax Savings upto Rs 46,800##
Image for guard icon
99.65% Death Claim Paid Ratio^
Image for discount icon
5% Discount3
Image for zero commission icon
Zero Commission#~

Disclaimer

: In Unit Linked Policies, the investment Risk in the investment portfolio is borne by the policyholder.

Maximise Your Savings With Axis Max Life Investment Plans

Select Country

image chevron_down_navigate_7dd1121f7c
image we_dont_spam_2_d4af8fb993

Select options
Profile picture of the Abhishek Chakravarti

Written by

Abhishek Chakravarti
Profile picture of the Abhishek Chakravarti

Abhishek Chakravarti

BFSI Writer

Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Axis Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

:

Reviewed by

Sahil Rawal
Profile picture of the Sahil Rawal

Sahil Rawal

BFSI Expert

Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

What is GSTR-5?

GSTR-5 or Goods and Services Return – 5 is a statement that is to be filed by taxpayers registered as non-residents under the GST Act. These are the persons who do not own any fixed business establishments in India but make sales and purchases in the country. A detailed report of purchases and sales is provided in the GSTR-5 return form.

Who is a Non-Resident Taxpayer?

Under the GST regime, non-resident taxpayers are those suppliers who do not have a registered business establishment or arrangement in India. Such persons could be involved in in the supply of goods/services or data retrieval services from database situated outside the country. Also note that the minimum threshold limit is not applicable in such cases. This implies that irrespective of the transaction amount and frequency, these persons are required to register on the GST portal as per the GST Act 2017. Such non-resident taxpayers must file their returns using the GSTR-5.

GSTR-5 Applicability: Who Should File GSTR-5?

The eligibility criteria of filing GSTR-5 include these factors:

  • Taxpayers who are registered as non-residents and possess a valid GSTIN number
  • They must have valid login credentials for accessing GST portal online
  • They must have a valid digital signature

Format of GSTR-5

Below-mentioned are the details of the 14 headings which constitute the format of GSTR-5:

1: GSTIN

Under this head, taxpayers need to provide a valid GSTIN. In some cases, provisional ID can also be referred to as a GSTIN.

2: Name of the taxpayer

In this section, the following auto-populated details will be shown:
  • Legal name and trade name of the taxpayer
  • Validity of registration period (date when the GST registration certificate was awarded to the person)
  • Month and year for which GSTR-5 is being filed

3: Import of goods (inputs or capital goods received from overseas)

Here, the taxpayers need to mention the report of input and capital goods, imported in India. This includes bill details, rate of taxes, IGST, cess paid, and ITC available.

4: Amendments made in terms of previous returns

Here, the taxpayer can make any changes to the information mentioned in the previous returns such as bill of entry, IGST rate, taxable amount and IGST amount & cess etc.

5: Taxable outward supplies made to registered individuals

Here, details of B2B sales made in India, including to the UIN holders will be mentioned. Every detail regarding IGST/CGST and SGST and Cess along with the applicable state will have to be given.

6: Taxable outward inter-state supplies made to unregistered individuals, with invoice value exceeding ₹2.5 lakhs

Under this heading, the taxpayer needs to furnish details of B2C large and inter-state sales with an invoice amount of more than ₹2.5 lakhs, made to unregistered individuals.

7: Net debit notes and credit notes made to unregistered individuals, other than those mentioned in No. 6

Under this heading, the taxpayer needs to provide details of sales generated through both intra and inter-state to unregistered individuals. In this case, the invoice amount must be less than ₹2.5 lakhs.

8: Amendments of taxable outward supplies as mentioned in 5 and 6

This amendment head specifies any changes (intra-state and inter-state) that need to be done in the B2C and B2B largely made in previous details. Also, a taxpayer needs to provide the original debit and credit notes.

9: Amendments of taxable outward supplies as mentioned in 7

Under this heading, a taxpayer needs to make changes to the B2C sales mentioned in the previous return.

10: Total taxable liability

Under this head, a taxpayer must provide details in two sub-parts i.e., on account of outward supply and on account of differential ITC, which is an additional ITC to be paid due to reversal.

11: Tax payable and paid

This table will show the amount of tax a taxpayer is liable to pay for a specific month. This will be shown in detailed break-up (IGST, CGST, SGST, and cess).

12: Late fee, interest, and any other amount payable and/orpaid

This section will contain details of interest and late fee that’s due and paid for late filing of the return.

13: Refund claimed from electronic cash ledger

Any refund received by the taxpayer in the electronic cash ledger will be mentioned. Taxpayers need to provide bank details.

14: Debit entries in electronic cash/credit for tax or interest payment

Details of the cash outflow for the amount of tax paid or interest paid will be mentioned under this heading.

How to File GSTR-5 Online?

GSTR-5 return form can be filed with the help of the following steps:

 Step 1: Visit the official website of GST portal and log in with valid credentials i.e., your user ID and password.

 Step 2: On the homepage, navigate to the “Service” option and choose the “Return Dashboard” option under “Return”.

 Step 3: On the redirected page, from the drop-down menu, select the relevant financial year, and return filing period (months) and then select the "Search" option.

 Step 4: Click on the "Prepare Online" option.

 Step 5: Select the "Generate GSTR-5 Summary" option at the bottom, to view the complete auto-drafted supplies of goods/services.

 Step 6: Now taxpayers need to provide the required details in respective blocks. It is important to click on the "Save" option after providing each detail in the respective boxes.

 Step 7: Upon completion of providing these details, select "Preview". This will let one check the summary before the final submission.

 Step 8: Then, select “10A” and “10B” for checking the tax liability.

 Step 9: Upon checking, navigate to an e-Acknowledgement check-box and select the "Submit” option.

 Step 10: Finally, taxpayers will be able to pay the "Total Taxable Value" as specified. Select "File GSTR-5" after which you will be able to see the filing status.

What is the Due Date for Filing GSTR-5?

According to the GST Act, the GSTR-5 filing due date is the 20th of every month of a financial year. This can be better explained with the help of the following table for the upcoming months of FY 2023-24:

Taxable period (months)GSTR-5 Filing Due Dates
August 202320th September, 2023
September 202320th October, 2023
October 202320th November, 2023
November 202320th December, 2023
December 202320th January, 2024
January 202420th February, 2024

GSTR-5 Filing: Late Fees & Penalty

A delay in filing GSTR-5 within the specified deadline will attract hefty late fees and interest.

  • The taxpayer will be liable to pay 18% of interest on the outstanding amount as a penalty.
  • A late fee of ₹20 is imposed every day, starting from the 21st of the month if the taxpayer is filing a nil return. If it is otherwise, ₹50, will be charged.
  • As per the Act, taxpayers can be charged with a maximum limit of ₹5000 as a penalty.

FAQs about GSTR-5

search

Who is required to file GSTR-5?

What is the due date for filing GSTR-5?

What is the penalty levied for late filing of GSTR-5?

Can I make changes to my GSTR-5 after submitting on the GST portal?

ARN: Nov23/Bg/05R

References:

www.zoho.com/in/books/gst/how-to-file-gstr-5.html

cleartax.in/s/non-resident-taxable-person-gst

cleartax.in/s/file-gstr-5-gst-portal-guide

www.bajajfinservmarkets.in/gst/gstr-5.html

cleartax.in/s/gst-return-gstr5

www.bajajfinservmarkets.in/gst/gstr-5.html

tutorial.gst.gov.in/userguide/returns/GSTR-5_FAQ.htm?rhhlterm=3B&rhsyns=%20

Share your Valuable Feedback

Rating Icon

4.3

Rated by 1508 customers

Was the Information Helpful?

Rate this product

Very Good

Online Sales Helpline
  • Whatsapp: 7428396005Send ‘Quick Help’ from your registered mobile number
  • Phone: 0124 648 890009:30 AM to 06:30 PM
    (Monday to Sunday except National Holidays)
  • service.helpdesk@axismaxlife.comPlease write to us incase of any escalation/feedback/queries.
Customer Service
  • Whatsapp: 7428396005Send ‘Hi’ from your registered mobile number
  • 1860 120 55779:00 AM to 6:00 PM
    (Monday to Saturday)
  • service.helpdesk@axismaxlife.comPlease write to us incase of any escalation/feedback/queries.
NRI Helpdesk
  • +91 11 71025900, +91 11 61329950 (Available 24X7 Monday to Sunday)
  • nri.helpdesk@axismaxlife.comPlease write to us incase of any escalation/feedback/queries.