CMP 08 form under composition scheme

What is CMP 08?

Form GST CMP- 08 is a new return form introduced for the taxpayers having GST registration under composition scheme. In other words cmp-08 is the return form which is to be used by the specified persons. In this form, taxpayer fills the summary of details of their self-assessed tax liability. This form is required to be filed on a quarterly basis.

If the taxpayer misses the due date then the person will have to face certain penalties charged by the government.

Due date of filing of GST CMP 08:

The GST CMP Form 08 must be filed on quarterly basis.

It must be filed on or before the 18^th of the month succeeding the quarter of any specific fiscal year.

Penalties for late payment of GST CMP 08

If the taxpayer misses the due date for filing the GST CMP 08 form then he has to pay some government charges. A taxpayer shall be liable to pay a late fee of Rs 200 per day (Rs 100 per day CGST and Rs 100 per day SGST) as a result for late filing of form GST CMP 08.

However, the late fee charges will be subject to a maximum of Rs 5000 from the start of the due date to the actual return filing date of the taxpayer.

Who should fill the Form GST CMP 08?

Form CMP 08 is mandatory for every taxpayer who has registered himself using CMP 02 i.e. as a composition dealer which is applicable as follows:

• The supplier (Manufacturer or Retailer) of goods with an annual aggregate turnover up to Rs 1.5 crore in the previous financial year, except :

1. Manufacturer of
   • ice – cream,
   • Pan masala, or
   • Tobacco
2. A person making inter-state supplies.
3. A casual taxable person or a non-resident taxable person.
4. Businesses that supplies goods through an e-commerce operator.

• Whose Aggregate annual turnover is up to Rs 50 lakh in the previous financial year and fulfils the conditions mentioned under the Notification Number 2/2019 Central Tax Rate dated 7 March 2019.

How to file CMP 08 Form through GST portal?

CMP 08 form filling requires completing the following four steps:

1. In step one, log in to GST portal and chose the return filing period for the relevant quarter and then proceed by clicking on ‘search’.
   Afterward click on ‘PREPARE ONLINE’ for the CMP – 08 forms

2. In step 2, fill up the tax liability details of the CMP 08 form.
   Mark ticks on the checkbox on ‘File Nil GST CMP 08’ in case the taxpayer:

• Have no outward supplies during the selected return period and accordingly no tax payable.
• Has no output tax liability due to not having inward supplies on which tax is payable on the reverse charge basis (including import of services).
• Does not have any other tax liability.
  Click on ‘SAVE’ to save the details entered.

3. In third step, click on ‘PREVIEW DRAFT GST CMP 08’ to review the accuracy of details entered.
4. In fourth step, make payment towards the liability. Payment can be made by using the cash balance in the electronic ledger or click on ‘Create Challan’ to choose either the Net Banking or NEFT in case there is insufficient cash in the cash ledger. Confirm the all details submitted by checking the box against the declaration statement are true and correct.
5. Submit the form CMP 08 using electronic verification code (EVC) or if having digital signature (DSC) then through DSC.
6. After submitting the form you will receive a message confirming the filing of CMP 08
7. After successful filing of form CMP 08, GSTN generates an ARN and Further, an SMS and an email will sent on the taxpayer’s registered mobile no. and email ID.