- Who Must Submit GSTR-5?
Non-resident taxable suppliers must submit the GSTR-5 form, as was previously stated. A person might be considered a non-resident taxable person if they periodically provide products or services in India but do not have a permanent business location there. Such a taxpaying individual should not maintain a fixed place of employment or abode in India. A few additional requirements exist for filing tax returns using GSTR-5.
Look down below.
A person who engages in transactions involving the supply of goods or services to a business organization or another person who is registered in India and does not have a fixed place of business or residence in India. Those individuals must register for GST. An individual is required to register for GST at least five days before the start of their business. Non-resident taxable persons receive a UIN because PAN is not available to them. The non-resident taxable person must pay an advance tax deposit equal to a portion of their anticipated tax liabilities in order to register.
- Key Information Regarding GSTR-5
Here are a few points to keep in mind regarding the Form GSTR-5:
The individual must be a non-resident taxpayer who does not have a residence in India or a direct business entity there.
As a taxpayer, the individual is required to possess a temporary GST certification when conducting business in India.
As per the CGST Act, the due date to file GSTR-5 is every 20th of next month. For instance, the return of March 2023 will be due on 20th April 2023.
- Consequences for Failure to File
You must pay interest and a late fee if you don’t submit the return by the deadline. The annual interest rate is 18%. If there is no return, there will be a late fee of Rs. 20 per day and Rs. 50 per day. Moreover, the maximum late cost is Rs. 5,000.
Conclusion
You must include all the information on your suppliers, input tax credits claimed on purchases, and credit and debit notes used for commercial transactions in the GSTR-5. You should file the return by the due date in order to avoid any misunderstandings about reporting in this form in the future.
