What is cmp08 in GST?
1. What is Form GST CMP-08? 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 person or taxpayer who have opted for composition levy.
The meeting was chaired by the Finance Minister of India, & Corporate Affairs Minister Smt. Nirmala Sitharaman. The meeting announced a recommendation to extend the deadline of the GST form CMP-08 for the first quarter of the Financial Year 2022-23 from July 18, 2022 until July 31st 2022.07-Jul-2022
Is CMP 08 mandatory?
Yes. It is mandatory for a dealer registered under Composition Scheme to file CMP-08 every quarter. Even if there is no business or no self-assessed tax liability, the Composite Dealer must file CMP-08 on the GST Portal.20-Nov-2019
Note on Form GST CMP-08 and Form GSTR-4 Since FY 2019-2020, composition taxpayers have to pay the liability through Form GST CMP-08 on a quarterly basis while GSTR-4 Return is required to be filed on annual basis after the end of a financial year.
Who files cmp08?
A taxpayer who opted composition scheme is required to file GST CMP 08 for depositing payment quarterly.06-Jul-2022
Yes, it is compulsory to file GSTR-4 (Annual) if: You were a composition taxpayer anytime during a part of the financial year, or. Your GST registration got cancelled anytime during the financial year, or.12-Jan-2022
Can I revise cmp08?
In addition to Form CMP-08, a composition dealer will also need to file his/her annual return via the revised format of Form GSTR-4 by 30 April following the end of a specific fiscal year.12-Jan-2022
Reply- Form GST CMP-08 once filed, cannot be revised.
What is the late fee for composition dealer?
GSTR-4 is filed annually by the taxpayers registered under the composition scheme. According to GST law, Rs 50 per day is charged as late fee for delay in filing GSTR-4. However, where the total amount of tax payable is nil, a maximum of Rs 500 can be imposed as late fee.26-May-2022
A. Login and Navigate to Form GST CMP-08 page
Who will file Gstr 4?
Form GSTR-4 (Annual Return) is a yearly return to be filed once, for each financial year, by the taxpayers who have opted for composition scheme during the financial year, or were in Composition scheme for any period during the said financial year, from 1st April, 2019 onwards.
If your GSTR 4 is not filed by the due date, you are liable to pay a late fee of Rs. 50 per day post the GSTR 4 due date or Rs. 20 per day in case of a nil return, up to a total of Rs. 5,000.
Why is Gstr 4 negative?
A negative Liability Statement refers to a report available on the GST portal that shows any negative summary in Form CMP-08 for the present quarter that will be carried forward to the next quarter for adjustment against the next quarter's liability.08-Jul-2022
In this, we add our output supply which is sold to a registered person and it is an output supply. Whichever business 1.5 More than ten million transactions take place, in which they file monthly returns.08-Dec-2020
What is negative liability in cmp08?
In such cases, liability paid through GST CMP-08 becomes excess tax paid and moves to Negative Liability Statement for utilization of same for subsequent tax period's liability.30-Apr-2022
As per GST law, Rs 50 per day shall be imposed as the late fee for the delay in furnishing GSTR-4. But the sum of the amount of the tax subjected to pay is nil, a maximum of Rs 500 would be levied as a late fee. For the additional cases, the maximum fee that could be imposed is Rs 2000.27-May-2022
Who is not eligible for composition under GST?
Eligibility: – Everyone is not eligible to register under the GST composition scheme. Taxpayers or people whose annual turnover is up to INR 1.5 crore in a financial year. Turnover for special category States, except Jammu & Kashmir and Uttarakhand, the limit is now increased to Rs 75 Lacs.09-Jul-2022
Can we amend Gstr 4?
No, GSTR4 cannot be revised. The details which have been entered incorrectly can be amended in the next period GSTR-4 return. GSTR4 provides for amendment of the details furnished in previous tax periods.
47th GST Council Meeting – 29th June 2022 “Form GSTR-4 Annual Return by Composition Taxpayers, for the FY 2019-20, is now available for filing.” “Annual return GSTR 4 due date extended to 31st Aug 2020 for the F/Y 2019-20 vide notification no. 59/ 2020”.30-Jun-2022
Is annual return mandatory for composition scheme?
Yes, it's mandatory for all composition taxpayers to file Form GSTR-4 (Annual Return).
What is cmp08 in GST?