How to file Form CMP-08?

What is CMP-08?

A special statement cum challan used by composition dealers (composition dealer is a dealer who is registered under the Composition Scheme under GST) to declare the details of his/her self-assessed tax payable for a given quarter is called Form CMP-08. It acts as a challan for making tax payment.

Who should file CMP-08?

CMP-08 has to be filed by a taxpayer in order to deposit payments every quarter. There are two kinds of taxpayers registered using CMP-02.

• The supplier of goods who are manufacturers or retailers who are having an annual aggregate turnover of up to Rs.1.5 cr in the previous financial year except the following
  1. 1. 1. Manufacturer of ice cream, pan masala or tobacco
        2. A person making inter-state supplies.
        3. A casual or a non-resident taxable person.
        4. A business which supplies goods through e-commerce.
        5. A person supplying goods that are not under the GST law.
• The suppliers fulfilling the condition mentioned under the “Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019”. Having a turnover of Rs. 50 lakh in the previous financial year.

What is the due date for filling the form CMP-08?

As it is a quarterly filed form, it has to be filed on or before 18^th of the month succeeding the quarter of any specific financial year.  

Latest updates regarding due dates for CMP-08 stated that the due dates for the period July to September 2019 was extended to 18^th September 2019 to 22^nd October 2019.

Penalties for a Late Submission

In case a taxpayer fails to furnish their details on or before the time prescribed then they will be liable to pay the late fee that is Rs.200 per day for every day of delay. This fine includes Rs.100 per day as per CGST and Rs.100 as per the SGST.

A maximum amount of Rs.5000 will be levied as late fee charges from the start date of the delay till the date; the actual filing is done by the taxpayer. 

How can we help you?

At Online Legal India ™ accountant and tax consultants with an expertise in GST, we can help you save your late fines and penalties as it can be a burden for businessmen to carry out the operation of day to day and then find time in order to file form CMP- 08. It is therefore advised to leave the filing to us as we will do it with care and diligence so that one doesn’t have to face the hassle of filing returns be it quarterly or monthly.   

Note: A composition dealer is required to file a GSTR-4 by 30 April along with CMP-08 form following the end of the specific financial year.