About:
Form GST CMP-08 is a statement that declares the details of the self-assessed tax payable for a given quarter by taxpayers registered as composition dealers under the GST composition scheme.
In addition, GST CMP-08, a composition dealer, must be filing an annual return in form GSTR-4.
The purpose of the scheme was introduced to make tax payment and return filing less clumsy for small taxpayers. Thus, a composition scheme dealer must be filing an application in form GST CMP-02.
Further, a registered person who wants to migrate to the composition scheme under GST from an existing law can opt for composition levy by intimating tax authorities via GST CMP-01.
A new applicant is concerned; he can opt for a composition scheme via form GST REG-01.
Who can File CMP-08?
The taxpayers who have registered as composition dealers either by filing form GST REG-1 or through form GST CMP-02 need to file form GST CMP-08.
As per the relevant section of the CSGT act, a registered person whose aggregate annual turnover is up to:
- Rs. 1.50 crore – in case of a supplier of goods in the previous financial year.
- Rs. 1.50 crore – service provided by the restaurant.
- Rs. 50 lakhs -in case of service other than the restaurant service providers can opt for the GST composition scheme.
However, any person shall be eligible for the composition scheme under GST if he is not:
- a manufacturer of ice cream, pan masala, tobacco, etc.
- engaged in inter-state supplies
- CTP (casual taxpayer person)
- NRTP (non-resident taxable person)
- engaged in the supply of goods through an e-commerce operator.
- making the supply of non-taxable goods.
Furthermore, a composition dealer has to pay GST at a fixed rate of turnover and file return annually in form GSTR-4.
After the issue of the new amendments, a composition dealer was required to make quarterly payment of tax as well as file quarterly return in form GSTR-4.
The Due date for filing the form
Form CMP-08 must be filed on a
quarterly basis, on or before the 18th of the month succeeding the quarter of any specific financial year.
Revised due date is 31st August
The penalty for not filing CMP-08
If the taxpayer fails to furnish his/her return on or before the due date, he or she will be liable
to pay a late fee of Rs 200 per day for every day of delay. i.e. for CGST AND SGST Rs 100 per day.
OR
Late fee charges will be subject to a maximum of Rs 5,000 from the default of the no filing of the actual return filing date of the taxpayer.
Along with the late fee, every registered taxpayer shall have to pay an interest of 18% per annum in case he fails to make the tax payment on or before the due date. The interest amount is calculated on the amount of tax to be paid by the registered person.
Important note to a taxpayer:
- Return must be filing even if the total tax liability is zero for a given quarter. A taxpayer can file a ‘NIL’ return.
- A taxpayer will be liable to pay interest and penalty in case he/she defaults the return filing due date.
- Tax liabilities are inclusive of adjustment in relation to advances, credit notes, debit notes, or, any rectifications.
