Section: The provisions for filing CMP-08 are covered under Section 39(3) of the Central Goods and Services Tax Act, 2017.
Purpose: The purpose of CMP-08 is to enable composition scheme taxpayers to declare their tax liability for a particular quarter, including details of outward supplies, inward supplies, and tax paid.
Applicability: CMP-08 is applicable to taxpayers who have opted for the composition scheme under GST.
Timeline: CMP-08 is filed quarterly, and the due dates for filing are as follows:
April to June - July 18
July to September - October 18
October to December - January 18
January to March - April 18
Exemption: There are no exemptions available for filing CMP-08.
Penalty not doing: Failure to file CMP-08 on time may attract a late fee of Rs. 200 per day (Rs. 100 under CGST and Rs. 100 under SGST) subject to a maximum of 0.25% of the taxpayer's turnover in the state or union territory.
Due Date: The due date for filing CMP-08 is the 18th of the month following the end of the relevant quarter.
Forms: CMP-08 is the form that taxpayers need to use for declaring their tax liability under the composition scheme.
Reporting Authority: Taxpayers need to file CMP-08 with the relevant GST department or authority.
Other Details: In addition to CMP-08, taxpayers who have opted for the composition scheme need to file other returns, such as GSTR-4 and GSTR-9A. CMP-08 is a self-declaration of tax liability, and taxpayers need to ensure that the details are accurate and complete. Additionally, taxpayers need to maintain proper records and documentation to support the information provided in CMP-08.
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