April 2019, CBIC introduces form CMP 08 for the composite dealers in India. Form CMP 08 (Replacing form GSTR 4) is a quarterly return form and will be applicable from FY 2019-2020 onwards. Also, it has to be filed by every taxpayer who has opted-in for the Composition Scheme under GST.
The due date to file form CMP 08 for the quarter April to June is 30th August 2019 [Extended from 30th June 2019]
- Form CMP 08 is a quarterly return form to be filed on the 18th day of the month succeeding the quarter.
- Composite dealers will also be required to file the revised format of form GSTR 4 as their Annual Returns.
- A taxpayer can file a ‘NIL’ return if his/her total tax liability is zero for a given quarter.
- Failure to file CMP 08 is subject to a penalty of Rs. 200/day (starting from the actual due date to the actual return filing date of the taxpayer)
What is CMP 08?
A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter. Furthermore, the form can also be used as a challan for making payment of tax.
P.S: Although form CMP 08 replaces form GSTR 4, a composite dealer will still be required to file a revised version of the latter annually. i.e. by April 30 for the corresponding financial year.
Who Should fill CMP 08
Form CMP 08 is mandatory for every taxpayer who has registered himself using CMP 02 i.e. as a composite dealer which is applicable to the follows:
- The supplier (Manufacture or Retailer) of goods with an annual aggregate turnover of up to Rs 1.5 crore in the previous financial year, except:
- Manufacturer of ice cream, pan masala, or tobacco.
- A person making inter-state supplies.
- A casual taxable person or a non-resident taxable person.
- Businesses which supply goods through an e-commerce operator.
- The supplier of services, having the aggregate annual turnover 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 Fill CMP 08
Form CMP 08 is basically divided into the below given 4 parts, Part 3 being the crucial part, wherein the taxpayer is required to fill details such as Outward supplies, Inward supplies, and Tax paid.
- Legal Details
- Summary of Self Assessed details
What is the due date to fill CMP 08
Form CMP-08 is a quarterly return form that needs to be filed by a composite dealer by the 18th day of the month following the given quarter.
What is the penalty for late payment of CMP 08
A taxpayer shall be liable to pay a late fee of Rs 200/day (Rs. 100/day CGST and Rs. 100/day SGST) as a consequence to failing/ being unable to file form CMP 08 in the prescribed time. However, the late fee charges will be subject to a maximum of Rs 5,000 from the start of the due date to the actual return filing date of the taxpayer.
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