Form GST CMP-08 was introduced in April 2019 for composition dealer replacing the GSTR-4 for the FY 2019-2020. Here are some of the main topics of CMP-08 Form.
Scope of Content
The due date for filing CMP-08 Form is on or before the 18th of the month succeeding the quarter of an F.Y. (Financial Year).
*Note: The due date for filing CMP-08 has been extended to 31st July 2019 for April to June quarter.
In case if a composition dealer fails to furnish the CMP-08 Form within the due date then he/she will be liable to pay the penalty of 200 INR per day (100 INR CGST and 100 INR SGST/UTGST). As per the IGST ACT, the late fees for filing CMP-08 Form is same as CGST and SGST. In simple words, the penalty under the IGST Act is 200 INR per day too.
Note: The maximum amount of penalty for late filing can be 5,000 INR calculated from the due date of filing CMP-08 Form to the actual filing date of CMP-08.
CMP-08 Form has 4 major parts and they are:
2. The legal name and trade name will be auto-filled.
3. In the 3rd Part of the CMP-08 Form, the composition dealer has to furnish the self-assessed liability.
4. The last part of Form CMP-08 deals with the verification of the composition dealer. In this part of CMP-08 Form, either the taxpayer or his representative has to verify the form with his DSC (Digital signature).