GST Form CMP-08
Before knowing about GST Form CMP-08, it’s important to understand the concept of the GST Composition Scheme. This scheme was introduced to benefit small businesses and reduce their compliance burden. Under the Composition Scheme, eligible businesses are allowed to pay tax at a fixed rate on their turnover instead of the regular GST rates and are relieved from extensive GST compliance requirements. Businesses registered under the Composition Scheme are known as composition scheme taxpayers.
What is GST Form CMP-08?
GST Form CMP-08, also known as the ‘Statement for Payment of Self-assessed Tax,’ is a quarterly return that composition scheme taxpayers need to file. It serves as a summary of the tax payable by these businesses for a specific quarter. Form CMP-08 includes details of the outward supplies, inward supplies attracting reverse charge, and any other supplies for which tax is payable by the composition taxpayer.
Who Should File GST Form CMP-08?
GST Form CMP-08 should be filed by taxpayers registered under the Composition Scheme through Form GST REG-01 and those who have opted for composition levy through Form GST CMP-02. However, there are specific criteria that businesses must meet to be eligible for the Composition Scheme:
- Annual Turnover: The aggregate annual turnover of the business should not exceed the prescribed limit, which is Rs.1.5 Crore (Rs.75 lakhs for special category states) in the previous financial year.
- Nature of Supply: Composition taxpayers are restricted from making interstate supplies, making supplies through e-commerce operators, or supplying non-taxable goods and services.
- No Input Tax Credit: Businesses under the Composition Scheme cannot claim input tax credit on their purchases. They pay tax at a fixed rate and cannot adjust it against their tax liability.
Uses of GST Form CMP-08
GST Form CMP-08 is very important for businesses under the Composition Scheme for several reasons:
- Tax Payment: It is the mechanism through which composition scheme taxpayers pay their tax liability. It ensures that these businesses contribute their share to the tax authorities.
- To Stay Compliant: Filing Form CMP-08 is a mandatory requirement for businesses registered under the Composition Scheme. Non-compliance can lead to legal consequences.
- Record Keeping: It helps maintain a record of the tax liabilities and payments made by composition scheme taxpayers, facilitating transparency in their tax affairs.
Quarterly Assessment: As CMP-08 is filed quarterly, it allows businesses to assess their tax liability periodically, making it manageable and predictable.
Key Components of GST Form CMP-08
To better understand the form and its filing process, let’s break down the key components of GST Form CMP-08:
- GSTIN: The taxpayer’s Goods and Services Tax Identification Number (GSTIN) should be mentioned at the beginning of the form.
- Legal Name: The business’s legal name as per its GST registration.
- Trade Name (if any): If the business operates under a trade name, it should be mentioned.
- Quarterly Details: In this section, businesses provide details of their outward supplies, which are categorised into:
- B2B (Business to Business)
- B2C (Business to Consumer)
It also includes information on supplies attracting reverse charge.
- Summary of Outward Supplies: This section summarises the total taxable outward supplies, the tax payable on those supplies, and the total tax liability.
- ITC (Input Tax Credit) on Inward Supplies: Composition scheme taxpayers cannot claim input tax credit. However, they need to mention the total ITC claimed on inward supplies.
- Tax Payable and Paid: This section calculates the net tax payable by subtracting the ITC from the total tax liability.
- Interest and Late Fee (if any): Any interest or late fee payable should be declared in this section.
Form CMP-08 – Due Dates
Form CMP-08 needs to be filed every quarter, which is for every 3 months. The last date to file Form CMP-08 is the 18th of the month following the end of the quarter. If the quarter ends in June month, the due date will be 18th July. The government may extend this deadline through official notifications.
Businesses registered under the Composition Scheme must adhere to the following due dates for filing GST Form CMP-08:
- For 1st Quarter – April to June: By July 18th
- For 2nd Quarter – July to September: By October 18th
- For 3rd Quarter – October to December: By January 18th
- For 4th Quarter – January to March: By May 18th
Late Fee for Form CMP-08
As per the official GST website, there is no late fee or penalty for delayed filing of Form CMP-08.
Requirements for Filing Form GST CMP-08
The pre-requisites for filing Form GST CMP-08 include:
- The taxpayer must be registered under the Composition Taxpayer category or have opted for the Composition scheme and should have an active GSTIN.
- A valid User ID and password are essential for the taxpayer.
- In cases of taxpayers choosing to file using a digital signature, they must possess a valid, non-expired, and non-revoked digital signature (DSC).
- The taxpayer should have previously filed all applicable GST CMP-08 forms for the preceding quarter(s).
Filing GST Form CMP-08 on GST Portal: A Step-by-Step Guide
Filing GST Form CMP-08 involves a systematic process to ensure accurate and timely submission. Here’s a step-by-step guide to help businesses navigate the filing process:
- Visit the official GST portal (https://www.gst.gov.in/) and log in using your GSTIN and password.
- Once logged in, go to the ‘Services’ tab and select ‘Returns’ from the dropdown menu.
- Choose the financial year and quarter for which you want to file CMP-08.
- Complete the form by providing the details outlined earlier, including your outward supplies, ITC on inward supplies, and tax payable.
- Double-check all the information provided to ensure accuracy.
- After reviewing, click on the ‘Submit’ button to file the form.
- Once the form is submitted, you will be directed to the payment gateway to pay the tax liability. Make the payment using the available payment options.
- After successful payment, an acknowledgement of Form CMP-08 will be generated. You can download this acknowledgement for your records.
FAQs on GST Form CMP-08
Is it mandatory to file Form GST CMP-08?
Filing of Form GST CMP-08 is mandatory, even in cases where there are no self-assessed liabilities.
Do I need to file a NIL Form GST CMP-08?
You can file a nil Form GST CMP-08 when you have no outstanding liabilities to settle.
Do I need to file Form CMP-08 for all quarters?
GST CMP-08 should be filed for all applicable quarters effective from 2019-20.
What is the ret00009 error in CMP 08?
The error RET00009 in CMP-08 usually occurs when the return issued by the taxpayer is already under process, and the attempt to submit is made again and again. To get the request processed, the registered taxpayer should try to wait for at least a day. If the error occurs, you can quote error number RET00009 when contacting customer care to resolve the problem.
How to resolve the ret00009 error in Form CMP 08?
For quick resolution, it would be better to contact customer care by quoting the error number RET00009 so that they will look into the problem seriously and provide you with the solution at the right time.
Can I revise Form GST CMP-08?
Once filed, Form GST CMP-08 cannot be revised.
What is the late fee for not filing the GST CMP-08 form on time?
No, there is no late fee or penalty for not filling Form CMP-08.