Form GST CMP –08- Statement for payment of self-assessed tax for Composition Taxpayers
Vide notification no. 20/2019 – Central Tax dated 23rd April 2019, the Central Goods and Service Tax (Third Amendment) Rules, 2019 were introduced. With the said introduction, the return filing requirement of the Composition Scheme dealers was modified.
Further, vide notification no. 21/2019 – Central Tax dated 23rd April 2019, the special procedure to be followed by the Composition Scheme dealer for filing of the returns was laid down.
Understanding the position prior and post amendment –
|Particulars||Position prior to amendment||Position Post amendment|
|Form of quarterly return||Form GSTR-4||Form GST CMP-08|
|Due date||Within 18 days of the month succeeding the quarter||Within 18 days of the month succeeding the quarter|
|Additional requirement||_||Form GSTR-4 every financial year within 30th April following the end of the financial year.|
Under the current article, we would understand the provisions attached with Form GST CMP-08.
From April 2019, the Composition scheme dealer is required to file quarterly return in Form GST CMP-08 – ‘Statement for payment of self-assessed tax’.
In Form GST CMP-08, the composition scheme dealer is required to provide the details / summary of self-assessed tax payable for the given quarter. The return also acts as a challan for making payment of requisite tax.
Form GST CMP-08 is basically divided into 4 parts. Following table helps to understand the same –
|1||GSTIN||Please enter valid GSTIN|
|2||Legal name; Trade name; ARN; Date of filing||All the details would be auto filed|
|3||Summary of self-assessed liability –
1. Outward supplies
2. Inward supplies attracting a reverse charge and import of services
3. Tax payable
4. Interest payable
5. Tax and interest paid
|This is the major part wherein details of outward supplies; inward supplies; tax payable and tax paid is to be provided|
Following categories of the persons are required to file quarterly return in Form GST CMP-08 –
The Composition scheme dealer is required to file return in Form GST CMP-08 within 18 days of the month succeeding the quarter. Thus, the due date would be as follows –
|April to June||18th July|
|July to September||18th October|
|October to December||18th January|
|January to March||18th April|
Please note, vide notification no. 34/2019 – Central Tax dated 18th July 2019, the due date for filing of the first newly introduced Form GST CMP-08, for the quarter April to June, 2019, has been extended from 18th July 2019 to 31st July 2019.
If the composition scheme dealer fails to furnish requisite return in Form GST CMP-08 within the prescribed due date, then, the dealer would be liable to pay penalty / late fee of INR 200 per day [INR 100 per day CGST + INR 100 per day SGST] from the due date of filing of return till actual date of filing of the return.
However, the maximum amount of penalty / late fee payable would be INR 5,000.