How to File GST CMP-08 Return Online for the Deposited Payments?

What is Form CMP-08?

A 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.

In 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.

Who should file this form?

A 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):

The 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.

● A person is making inter-state supplies.

● A simple taxable person or a non-resident taxable person.

● Businesses which supply goods through an e-commerce operator.

● the 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.

What is the maturity to file the form CMP-08?

Form CMP-08 must be filed quarterly, on or before the 18th of the month succeeding the quarter of any specific financial year.

What will be the penalty for not filing CMP-08 before the due date?

In case 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.

Late 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.

How does a taxpayer fill this form?

A taxpayer will need to fill in the following details:

Step 1: A taxpayer has to enter his/her GSTIN details.

Step 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.

Step 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.

Step 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.

Important note to a taxpayer:

● A taxpayer can file a ‘NIL’ return if his/her total liabilities is zero for a given quarter.

● 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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