FORM CMP-08: PROCESS OF FILING THROUGH GEN GST SOFTWARE
What is CMP-08?
FORM CMP-08 is a tax return form under the Goods and Services Tax (GST) regime in India. It is a monthly self-declaration form that a taxpayer has to file if they have opted for the Composition Scheme under GST.
Under the Composition Scheme, small taxpayers with an annual turnover of up to Rs. 1.5 crore can pay GST at a reduced rate and file returns on a quarterly basis instead of monthly. Form CMP-08 is used by taxpayers to pay the GST liability for the month, along with the relevant details of the transactions carried out during the month.
The form needs to be filed by the 18th of the next month. For example, the GST liability for January needs to be paid and the form needs to be filed by the 18th of February.
It’s important to note that the information provided in Form CMP-08 should be accurate and in compliance with GST laws and regulations. Any discrepancies or errors in the form can lead to penalties and interest charges.
GST CMP-08 is the statement that dealers registered under the Composition Scheme use to report their self-assessed tax liability. It provides information on taxes owed for sales and purchases (subject to the Reverse Charge Mechanism) and has replaced Form GSTR-4.
Composite Dealers are required to file CMP-08 returns every quarter through the GST Portal. They can calculate their tax liability and make payments online. If no tax is owed during the quarter, a Nil return must be submitted.
Some Features of GST CMP-08 Form
- Outward supplies(including exempt supplies:- Total amount of sales including exempted sales.
- Inward supplies attracting RCM including Import of services:- Purchase of goods/services including purchases on RCM under GST basis. It includes import of services also.
- Adj of negative Liability of Prev. Tax period( Other than RCM):- Any excess liability paid in the previous tax period is mentioned here. It will be auto-filed from the portal.
- Adj of negative Liability of Prev. Tax period( RCM):- Any excess liability paid on an RCM basis will be shown here it will be auto-filed from the portal.
- Tax payable [(1-3)+(2-4)]:- Total amount of tax due.
- Tax paid:- Total amount of tax already paid.
- Balance tax payable (5-6):- Balance amount of tax required to be paid.
- Interest payable, if Any:- Any interest required to be paid.
- Interest paid:- Amount of interest already paid.
- Balance interest payable (8-9):- Balance amount of interest required to be paid.
- Late fee payable:- It will be auto-calculated from the portal.
- Late fee paid:- Amount of late fee already paid.
- Balance Late fee payable (11-12):- Balance amount of late fee required to be paid.
- Total Tax, interest paid, and late fee paid (6+9+12):- Total amount of tax, interest and late fees already paid.
- Balance Tax, interest payable & late fee payable (7+10+13):- Sum of balance tax, interest payable & late fee payable required to be paid.
How to file CMP-08 on the GST portal:
The following are the steps to file GST CMP-08 (payment of self-assessed tax) on the GST portal:
Step 1: Log in to the GST portal and navigate to the CMP-08 tile on the return dashboard
Select the relevant financial year and choose the return filing period for the relevant quarter. Proceed by clicking on ‘SEARCH’. Click on ‘PREPARE ONLINE’ for the CMP-08 form (payment of self-assessed tax).
Step 2: Fill up the tax liability details in table 3 of the CMP-08 form
Fill in the summary figures of the value of supplies and tax payable for the period of three months. Enter the interest amount in case of delay in submission of CMP-08 beyond the due date applicable. Tick mark the checkbox on ‘File Nil GST CMP-08’ in case the taxpayer:
- Has no outward supplies during the selected return period and accordingly no tax payable.
- Has no output tax liability due to not having inward supplies on which tax is payable on a reverse charge basis (including import of services).
- Does not have any other tax liability.
Click on ‘SAVE’ to save the details entered.
Step 3: Preview draft CMP-08 before making the tax payment
Click on ‘PREVIEW DRAFT GST CMP-08’ to review the accuracy of the details entered.
Step 4: 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 NetBanking 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 an 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.
FAQs on filing Form GST CMP-08:
1. What is Form GST CMP-08?
Ans. Form GST CMP-08 is used to declare the details or summary of self-assessed tax which is payable for a given quarter by taxpayers who are registered as composition taxable persons or taxpayers who have opted for composition levy.
2. Who needs to file Form GST CMP-08?
Ans. Taxpayers who either have registered as composition taxable persons through Form GST REG-01 or taxpayers who have opted for composition levy through Form GST CMP-02, need to file Form GST CMP-08.
3. By when do I need to file Form GST CMP-08?
Ans. Form GST CMP-08 is to be filed on a quarterly basis. The due date for filing Form GST CMP-08 is the 18th of the month succeeding the quarter or as extended by the Government through notification. Pre-conditions of Filing Form GST CMP-08
4. What are the pre-conditions for filing Form GST CMP-08?
Ans. Pre-conditions for filing of Form GST CMP-08 are:
1. Taxpayer must be registered as Composition Taxpayer or have opted for the Composition scheme and should have an active GSTIN.
2. Taxpayer must have a valid User ID and password.
3. Taxpayer must also have a valid & non-expired/non-revoked digital signature (DSC), in case of a taxpayer wishes to file it by digital signature.
4. Taxpayer must have filed all the applicable GST CMP-08 for the previous quarter(s).
4. Can I file nil Form GST CMP-08?
Ans. Yes, you can file nil Form GST CMP-08 if you have no liability to discharge. Filing Form GST CMP-08
5. From where can I file Form GST CMP-08?
Ans. Form GST CMP-08 can be accessed on the GST Portal, post login in the Returns Dashboard by the composition taxpayer. The path is Services > Returns > Returns Dashboard. Q
6. Is it mandatory to file Form GST CMP-08?
Ans. Filing of Form GST CMP-08 for the applicable quarter is mandatory, even in cases, where there are no self-assessed liabilities.
7. Is there any Offline Tool for preparing Form GST CMP-08?
Ans: No, there is no offline tool for preparing Form GST CMP-08.
8. Is there any late fee in case of delayed filing of Form GST CMP-08?
Ans: No, there is no late fee for delayed filing of Form GST CMP-08.
9. Can I discharge my CMP-08 liabilities through an Input Tax Credit (ITC)?
Ans. No, CMP-08 liabilities can be paid only through cash and not through ITC (as Composition taxpayers cannot claim ITC).
10. Do I need to file Form GST CMP-08 for all quarters?
Ans. GST CMP-08 is to be filed by the composition taxpayer for all applicable quarters effective from 2019-20 i.e. 1st period would be Apr 2019-Jun 2019.
11. What should I do if my cash balance in Electronic Cash Ledger is less than the amount required to offset the liabilities?
Ans. If the available cash balance in Electronic Cash Ledger is less than the amount required to offset the liabilities, then the additional cash required to be paid by the taxpayer is shown in the ‘Additional Cash Required’ column. You may create a challan for the payment of this amount directly by clicking on the ‘CREATE CHALLAN’ button.
12. What is a Negative Liability Adjustment?
Ans. A negative Liability Adjustment means that any negative entry done in the present quarter will be carried forward to the next quarter. This adjustment will be reflected in the ‘Adjustment of negative liability of previous tax period’ column of Table 4 of the next quarter’s GST CMP-08 filing. For e.g. for filing GST CMP-08 for the quarter Apr-Jun 2019, negative values from the last quarter Jan-Mar 2019 of GSTR-4 will be adjusted and shown in this column.