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January 18, 2021

Today is last day to file CMP 08 for quarter ending December 2020

by CA Shivam Jaiswal in GST

Today is last day to file CMP 08 for quarter ending December 2020

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs 1.5 crore. A composition dealer is required to pay tax in a quarterly statement CMP-08 by 18th of the month after the end of the quarter.

What is Form CMP-08?

  • CMP-08 is a statement cum challan which seeks information about outward supplies and inward supplies (inward supplies under reverse charge) including the taxes paid on such outward supplies and imports along with interest payable. 
  • A composition dealer will use the Form CMP-08, which is a special statement-cum-challan to declare the details or summary of his/her self-assessed tax payable for a given quarter.
  • It also acts as a challan for making payment of tax.
  • A composition dealer is a dealer who has been registered under the composition scheme laid down for both supply of goods and services.

What is the due date of filing Form CMP-08?

Form CMP-08 should be filed on a quarterly basis, on or before the 18th of the month succeeding the quarter of any specific fiscal year. Therefore, the due date of filing CMP 08 for the quarter ending December 2020, will be 18th January, 2020.

How are taxpayers supposed to file Form CMP – 08?

Taxpayers have to follow the following steps to file GST CMP-08 (payment of self-assessed tax) on GST portal:

Step 1: Log in to GST portal and navigate to the CMP-08 tile on the return dashboard

Step 2: Select the relevant financial year and choose the return filing period for the relevant quarter. Proceed by clicking on ‘SEARCH’.

Step 3: Click on ‘PREPARE ONLINE’ for the CMP-08 form (payment of self-assessed tax).

Step 4: Fill up the tax liability details in table 3 of the CMP-08 form. Fill in the summary figures of the value of supplies and tax payable for the period of 3 months. Enter the interest amount in case of delay in submission of CMP-08 beyond the due date applicable. Tick the checkbox on ‘File Nil GST CMP-08’ in case the taxpayer:

  • Has 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 reverse charge basis (including import of services).
  • Does not have any other tax liability.

Click on ‘SAVE’ to save the details entered.

Step 5: Preview draft CMP-08 before making the tax payment. Click on ‘PREVIEW DRAFT GST CMP-08’ to review the accuracy of details entered.

Step 6: Make the payment towards the liability and file CMP-08. Make payment either using the cash balance left in the electronic cash ledger OR click on ‘Create Challan’ to choose either the NetBanking or NEFT in case there is insufficient cash in the cash ledger. Confirm the details submitted by checking the box against the declaration statement.

Step 7: Submit the CMP-08 using electronic verification code (EVC) or digital signature (DSC). You will get a message confirming the filing of CMP-08 (payment of self-assessed tax). GSTN generates an ARN on the successful filing of CMP-08. Further, an SMS and an email are sent to the taxpayer on his registered mobile and email ID.

Is there any penalty applicable if taxpayer does not file CMP-08?

In case a 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. Rs 100 per day under CGST and Rs 100 per day under SGST. IGST Act prescribes an amount equal to the late fees for CGST and SGST Act i.e Rs 200 per day of delay

The late fee can be up to Rs. 5,000 at maximum and no further for all kinds of taxpayers. In addition to the late fee, interest of 18% per annum is payable in case the taxpayer fails to pay tax on or before the due date. The interest is calculated on the amount of tax payable from the due date till the date of payment.

So it is advised to all taxpayers to file their CMP-08 before the due date of 18th January, 2021 for the quarter ending 31st December, 2020 and not wait for the last date.

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