A good step towards reducing the compliances for composition taxpayer. As discussed in 32nd GST council meeting held on 10th January 2019, composition taxpayer will be required to file one annual return and pay taxes quarterly in GST form CMP 08. GSTR-04 will be required to file annually.
As per the Notification No. 20/2019 Central Tax dt. 23 April 2019 and Notification No. 21/2019 Central Tax dt. 23 April 2019 following points can be summarized related to Form GST CMP-08 :
1) Before the composition taxpayer were paying taxes and filing quarterly returns in a single form GSTR-4.
Now they will pay GST quarterly in form CMP-08 which is now released. The due date of Form CMP-08 is 18th day of month succeeding quarter. For example, if the Quarter ends on June 2019 the GST under composition scheme is to be paid on or before 18th July 2019.
2) Now no quarterly filing of GSTR-4 only Annual filing of GSTR-4. In other words, return form will be the same but the filing of return form will be done once a year. The due date is 30th day of April following the end of financial year. For instance, for the year 2019-20 Composition Taxpayer is required to file one GSTR-4 on or before 30th April 2020 for the whole year. GSTR-4 will be the return whereas CMP-08 will be the statement for the tax paid.
3) In Form Form CMP 08, the taxpayer has to fill only the third column of the form that is summary of self assessed liability. Other columns will be auto populated.
“Form GST CMP – 08
[See rule 62]
Statement for payment of self-assessed tax
4) Important Points regarding Form CMP- 08
- Adjustment on account of advances, credit/debit notes or rectifications are reported against the liability.
- Negative value may be reported as if such value comes after adjustment.
- If the total tax payable becomes negative, then it is to be carried forward to the next tax period for utilizing the same in that tax period.
- Interest is payable if payment is made after the due date.
- If there is no tax liability due during the quarter, Nil statement will be filed.
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