Due Date for Filing FORM GST CMP-08 Extended

Source: Taxguru

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification for the extension of due date for filing the returns by composition dealers in Form CMP-08.

As per the Notification, “Provided that the due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter April 2019 to June 2019, or part thereof, shall be the 31st day of July 2019.”

The composition taxpayers shall furnish a statement, every quarter or, as the case may be, part thereof containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017, till the 18th day of the month succeeding such quarter.

The said persons shall also furnish a return for every financial year or, as the case may be, part thereof in FORM GSTR-4 of the Central Goods and Services Tax Rules, 2017, on or before the 30th day of April following the end of such financial year.

Under the Goods and Services Tax regime that was rolled on 1st July 2017, the composition scheme is an alternative method of tax levy designed to simplify compliance and reduce compliance costs for small taxpayers.

The main feature of the composition scheme is that the business or person who has opted to pay tax under the scheme can pay the same at a flat percentage of turnover every quarter, instead of paying it at a normal rate every month.