Form CMP-08 Filing Due Date Gets Extended till 31 July

The due date for filing the Form CMP-08 was 18 July for tax period April 2019 to June 2019. However, the due date for filing CMP-08 has now been extended to 31 July 2019 for composition dealers.

Nevertheless, the Form CMP-08 was still not made available to taxpayers on the GST portal. Currently, only GSTR-4A (the auto-drafted return of purchases) is viewable on the composition dealer’s return dashboard.

Dealers who had registered themselves under the composition scheme of GST were introduced to a new return-filing process from April 2019.

Henceforth, with the help of the Form CMP-08, a composition dealer will be able to declare his/her self-assessed tax payable for a given quarter. Form CMP-08 also acts as a challan for making a tax payment.

Taxpayers whose annual turnover is less than Rs 1 crore can opt for the Composition Scheme. A composition dealer will need to file the Form CMP-08 on a quarterly basis, on/before the 18th of the month succeeding the quarter of any specific fiscal year.

Also Read: GST composition scheme taxpayers to file in Form GST CMP-08

Apart from the Form CMP-08, a composition dealer will have to file the Form GSTR-4 annually within 30 April following the end of a specific fiscal year.

When asked on what is the best option to choose while registering a new business under GST, Vijetha Bhat, a practising Chartered Accountant said “Though there are several factors to consider which will affect the final price to customer, in most of the cases, it is advisable to choose composition scheme over SAHAJ if the turnover is less than Rs 1.5 crore and making only B2C supplies as there is less compliance”

Effective FY-2019-20, a composition dealer (manufacturers, restaurant owners, traders, certain service providers, etc.) will need to file the following two GST returns, and late fee charges will be applicable respectively:

GST Return Due Date Frequency Late Fees
CMP-08 (Payment of self-assessed tax) Within 18th of next month ending the quarter Quarterly
  • Rs 100/day for a Nil return
  • Rs 200/day for a taxable return
GSTR-4 Within 30 April after ending the FY Annually
  • Rs 100/day for a Nil return
  • Rs 200/day for a taxable return
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