is Form CMP-08?
texture merchant will use this form CMP-08, it is a particular statement cum
challan to proclaim the small print or summary of his/her self-assessed tax
payable for a given quarter. It also acts as a challan for creating payment of
tax. A composition dealer is a dealer who has registered under the composition
scheme laid down for both suppliers of goods and services.
addition to making CMP-08, a composition dealer also will get to file his/her
annual return via the revised format of Form GSTR-4 by 30 April following the
top of a specific fiscal year.
should file this form?
taxpayer who has opted for the composition scheme has got to CMP-08 to deposit
payments quarterly. There are two sorts of taxpayers registered using CMP-02
(Opt into Composition scheme):
supplier of products being manufacturers, retailers having an annual aggregate
turnover of up to Rs 1.5 crore within the previous fiscal year, except:
Manufacturer of pan masala, ice cream, or tobacco.
person is making inter-state supplies.
simple taxable person or a non-resident taxable person.
Businesses which supply goods through an e-commerce operator.
person who provides the services that fulfil the conditions mentioned under the
Notification Number 2/2019 Central Tax (Rate) dated 7 March 2019 having the
annual collection turnover up to Rs 50 lakh in the last financial year.
is the maturity to file the form CMP-08?
CMP-08 must be filed quarterly, on or before the 18th of the month succeeding
the quarter of any specific financial year.
will be the penalty for not filing CMP-08 before the due
a taxpayer fails to furnish his/her return on or before the maturity, he or she
is going to be susceptible to pay a late fee of Rs 200 per day for every day of
delay. i.e. 100 rupees per day for CGST and 100 rupees per day for SGST. IGST
Act prescribes an amount adequate to the late fees for CGST and SGST Act, i.e.
Rs 200 per day of delay.
fee charges are going to be subject to a maximum of Rs 5,000 from the beginning
of the maturity to the particular return filing date of the taxpayer.
does a taxpayer fill this form?
taxpayer will need to fill in the following details:
1: A taxpayer has to enter
his/her GSTIN details.
2: Once the GSTN number
entered, primary information like the legal name and brand name are going to be
auto-filled. The same statement is going to update for the ARN (Application
reference number) and date of filing, once the payment completed.
3: The third table of the form
will have information/summary of the self-assessed liabilities. A taxpayer will
get to provide details like outward supplies on which tax is payable by him,
including the inward supplies on which tax is payable on a reverse charge and
cases of imports. Apart from this, the tax payable on these and therefore the
interest paid (if any) should report.
4: within the final step, a
taxpayer has got to confirm that he/she has verified all the small print that
entered from signing the form.
note to a taxpayer:
taxpayer can file a ‘NIL’ return if his/her total liabilities is zero for a
taxpayer is going to be susceptible to pay interest also as a penalty just in
case he/she misses the return filing maturity.
● Tax liabilities are inclusive of adjustment about advances, credit notes, debit notes or, any rectifications.
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