Form CMP-08: Due Date, Eligibility Criteria, Penalty and Format
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
CMP-08 is a form that declares the composition dealer summary of his/her self-assessed taxable amount for a particular quarter. In addition to this, it also acts as challan to make payment of taxes.
To make quarterly payment of taxes, every composition dealer registered under GST has to file this CMP-08 Form.
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).
April-June 18th July* July-Sept 18th Oct Oct-Dec 18th Jan Jan-Mar Jan-Mar
*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.
Format of CMP-08 Form
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).