GST CMP 8 : Tax Payment for self Assessed Tax : Commentary

By | May 1, 2019
(Last Updated On: May 1, 2019)

GST CMP 8 : Tax Payment for self Assessed Tax

What is GST CMP 08 Form : CMP 8 forms is for Tax payment self Assessed Tax for Composition Scheme Dealer and for taxpayer who opt 6% GST Scheme . Download PDF Format of GST CMP 8 is given in point 1.1 below

Commentary on GST CMP 8

  • GST CMP 8 is Inserted by Central Goods and Services Tax (Third Amendment) Rules, 2019, w.e.f. 23-4-2019.
  • GST CMP 8 is inserted in Rule 62 of CGST Rules 2017.
  • No Late Fees : GST CMP 8 is “STATEMENT” and not ” RETURN”. Therefore Late fees of delayed filing of GST CMP 8 should not apply .However you are required to pay interest for delay in payment of tax. Refer Video Explanation in Point 1.2 below .
  • Who has to File GST CMP 8 : Following person are required to file GST CMP 8 :-
    • The taxpayer paying tax under the provisions of section 10 ( Composition Scheme) of the Central Goods and Services Tax Act, 2017 or
    • Taxpayer paying Tax by availing the benefit of notification No. 02/2019– Central Tax (Rate) , dated the 7th March, 2019 [G.S.R. 189(E) dated the 7th March 2019] i.e who opts 6% GST Scheme ( 3% CGST and 3% SGST )
  • When GST CMP 8 has to be Filed : GST CMP 8 has to be Filed on quarterly basis by due date to make payment of taxes dues . As per Rule 62 of CGST Rules 2017 GST CMP 8 has to be filed within 18 days after end of Quarter.
  • Interest for late filing of GST CMP 8 : Interest shall be leviable if payment is made after the due date.
  • Adjustment in GST CMP 8 : – Adjustment on account of advances, credit/debit notes or rectifications shall be reported against the liability in GST CMP 8. GST CMP 8 says (net of advances, credit and debit notes and any other adjustment due to amendments etc.)
  • Negative values in GST CMP 8 : Negative value may be reported as such if such value comes after adjustment.
  • Tax Payable become negative in GST CMP 8 : If the total tax payable becomes negative, then the same shall be carried forward to the next tax period for utilising the same in that tax period in GST CMP 8.
  • Mandatory Filing of GST CMP 8 :Nil Statement shall be filed if there is no tax liability due during the quarter.
  • Reporting in GST CMP 8 : Reporting in GST CMP 8 has to be net of advances, credit and debit notes and any other adjustment due to amendments etc.) Following has to be reported in GST CMP 8
    • Sr No 1: – Outward supplies (including exempt Supplies) [ Note : Traders opting GST Composition Scheme are required to pay tax only on Taxable Supply of Goods and Services , but GST CMP 8 is asking for outward supplies including Exempt supply to levy tax on total turnover, therefore Govt should issue clarification on it ]
    • Sr No 2 : Inward supplies attracting reverse charge including import of services
    • SR No 3: Tax Payable on ( 1+ 2) above
    • Sr No 4 : Interest payable, if any
    • St No 5 : Tax and interest paid
  • Penalty : There is no penalty or Late Fees column in GST CMP 8

1.1 PDF Format of GST CMP 8

Download PDF format of GST CMP 8 Click here

1.2 No Late Fees for Delayed filing of GST CMP 8 [Video]

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