CMP-08 is a form cum challan for composite scheme dealers registered under the GST. GST Form CMP-08 “Statement for payment of self-assessed tax” is to be filed quarterly, however, GSTR-4 has also to be filed annually within 30th April of the financial year.
What’s the due date of filing CMP-08?
The due date is 18th day of the succeeding quarter. This form has to be filled even if there’s no transaction during the quarter that is NIL return will be filed. But for quarter April- June 2019, the date has been extended to 31st august 2019.
Penalty on late filing of return
If a particular taxpayer fails to furnish his return on or before the due date mentioned above, he must pay a late fee of Rs 50/day, i.e., Rs 25/day CGST and Rs 25/day SGST in case of any tax liability. On the other hand, if there is a nil tax liability, then the aforementioned late fee gets reduced to Rs 20/day, i.e., Rs 10/day CGST and Rs 10/day SGST.
One must also note that the late fee is also subject to a maximum of Rs 5000 starting from the due date to the actual date of return filing by the taxpayer.
Steps to pay GST in Form GST CMP-08
Following are the steps for working on CMP-08:-
Preparations of details –
Before directly moving to the form, a dealer should prepare a detailed statement of the information which would be required while filling up the form.
Below given is a table which consists of the information regarding to turnover and taxes which has to be given in form.
Note – All the values will go in Rs in the table.
|Outward Supplies (including exempt supplies)
|Inward supplies attracting reverse charge including import of services.
|Interest payable, if any
|Tax and interest paid
In Sr. No. 1. Value will include taxable supplies as well as exempt supplies. But GST liability is calculated only on taxable supplies.
In Sr. No. 2. Inward supplies liable to paid under Reverse Charge Mechanism including import of services is entered. For example Services received from GTA or Legal services etc.
In Sr. No. 3. Total of Tax Payable for outward supplies as declared in Sr. no. 1 and tax payable under RCM in sr. no. 2 is entered i.e. (1+2)
In Sr. No. 4. If the tax payment is done after due date then interest is payable @18 %.
In Sr. No. 5 Total of Figures declared in 3 and 4 above will be entered.
Login in to the GST portal and select the CMP-08 under the return dashboard.
Select the relevant year and then choose the quarter for which you are filing the return. Then click search button for proceeding. Then click on ‘PREPARE ONLINE’ for the CMP-08 form (payment of self-assessed tax).
Fill up the tax liability details in table 3 of the CMP-08 form.
Fill up the details as per the table you made in step 1 and if you don’t have any transactions during the quarter then click on the NIL return. Then click on the SAVE button.
Preview draft CMP-08 before making the tax payment
Click on the “Preview draft GST CMP-08” to check the filled information.
Make the payment towards the liability and file CMP-08
Make payment either using the cash balance left in the electronic cash ledger or click on ‘Create Challan’ to choose either the Net Banking or NEFT in case there is insufficient cash in the cash ledger. Confirm the details submitted by checking the box against the declaration statement.
Submit the CMP-08 using electronic verification code (EVC) or digital signature (DSC). You will get a message confirming the filing of CMP-08 (payment of self-assessed tax).
GSTN generates an ARN on the successful filing of CMP-08. Further, an SMS and an email are sent to the taxpayer on his registered mobile and email ID.
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The author of above article is Sneha Bhalotia, ICAI.