Filing of CMP-08 on GST-Portal
What is CMP-08?
Every composition dealer is required to furnish a statement-cum-challan in which he is required to declare details of self-assessment tax payable for a given quarter. This form is also used challan for payment of tax.
Who is composition dealer?
Any person who is registered under composition scheme which has been specified under GST law; will be know as composition dealer. Such person will charge the tax at concessional rate will is prescribe by government and neither he himself (on Inputs, Input services or Capital Goods used by composition dealer) nor his buyer (Person purchasing goods from composition dealer) will be allowed to take Input tax credit.
Who is required to furnish form CMP-08?
Every person either being supplier of goods (i.e. persons having aggregate annual turnover up to Rs. 1.5 crore in previous financial year including restaurant service provider.) or supplier of service or both (i.e. person having aggregate annual turnover up to Rs. 50 lakhs in previous financial year.) is required to furnish form CMP-08.
Who all are the persons that are not eligible to opt for composition scheme?
If in previous financial year aggregate annual turnover of the person is exceeding the limit specified by the government or if the person is manufacturer of ice cream and other edible ice (whether or not containing cocoa), pan masala, or tobacco and manufactured tobacco substitutes or person engaged in making inter-state supply or making supply through an e-commerce operator or person is engaged in making non-taxable supply or person is casual taxable person or a non-resident taxable person then in such cases person will not be eligible to opt for composition scheme.
What is due date of filling Form CMP-08?
Form CMP-08 is required to be filed quarterly, due date of furnishing same is 18th of month succeeding quarter.
What is the due date of CMP-08 for a period from July, 2020 to September, 2020?
The due date of filing CMP-08 is extended for the period of July, 2020 to September, 2020 is 18th October, 2020.
Whether there is any update in relation to form CMP-08?
It has been specified by GSTN portal that composition taxpayer may now file NIL statement in Form GST CMP-08 for a quarter, through an SMS; person is not restricted to file the return through online mode; i.e. now he has option to file it through SMS.
What are conditions that are to be fulfilled for exercising above option?
Person must be registered as composition taxable person; he has filed all the applicable statements i.e. GST CMP-08 of previous quarter. Person who is authorised signatory his/her phone number is registered on GSTN portal. There should not in any uploading of data through online mode i.e. person has not saved any data on GSTN portal.
Which are the persons who are eligible to file NIL return?
It shall also be noted that if person is filing NIL form CMP-08 for a tax period that means he has not undertaken any outward supplies; he is not liable to pay tax on reverse charge basis in respect of supplies procured by him.
What are the steps to be followed to avail the benefits of above provisions?
Person who wants to file NIL CMP-08; has to send SMS to 14409. In SMS he is required to state as NIL space Return Type space GSTIN space Return Period e.g. NIL C8 24ABCDE0123F1ZK 072020. After this person is again required to send the SMS to 14409 with verification code; this will confirm the filing of Nil Form CMP-08.
On successful filing person will receive the ARN (Acknowledgement receipt number) number to its registered e-mail-id and mobile phone.