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To disclose the specifics or summary of his or her self-assessed tax payable for a given quarter, a composition dealer will use Form CMP-08, which is a special statement-cum-challan. It also serves as a challan for tax payments. A composition dealer is one who has registered under the composition scheme for both the supply of commodities and the provision of services. In addition to Form CMP-08, a composition dealer should file his or her annual return that use the updated Form GSTR-4 by the 30th of April following the end of a fiscal year.
Documents Required For Registration
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FAQ's - Frequently Asked Questions
A return is a document that a taxpayer is expected to file with the tax administration authorities that contains information about their earnings. Tax officials use this to figure out how much money they owe in taxes. A registered dealer is required to file GST returns that include the following information:
- GST Output (On sales)
- Tax credit for inputs (GST paid on purchases) Under this package, our professionals will file your GST returns.
Manufacturers and merchants with an annual aggregate turnover of up to Rs.1.5 crore (Rs.75 lakhs for special category States except Jammu & Kashmir and Uttarakhand) in the preceding financial year, with the following exceptions:
Ice cream and other edible ice (whether or not including cocoa), pan masala, and tobacco and tobacco alternatives are all manufactured by this company.
A person who manufactures interstate supplies.
A person who sells things that aren’t taxable under the GST law.
A non-resident taxable person or a casual taxable person.
Businesses that sell their products through an e-commerce platform.
Suppliers of services who meet the criteria outlined in Notification Number 2/2019 Central Tax (Rate) dated 7 March 2019 and had an aggregate yearly turnover of up to Rs.50 lakh in the preceding financial year are eligible.
Quarterly, on or before the 18th of the month following the quarter of any fiscal year, Form CMP-08 must be filed. The deadline to file CMP-08 for the January-March 2021 quarter, for example, was April 18, 2021.
If a taxpayer fails to submit his or her statement on or before the due date, he or she will be charged a late fee of Rs.200 per day for each day that the statement is late. CGST is Rs.100 per day, while SGST is Rs.100 per day. The IGST Act sets a late cost of Rs.200 per day of delay, which is the same as the late penalties set under the CGST and SGST Acts. From the start of the due date until the actual filing date of the taxpayer, late fees will be limited to Rs.5,000.
Furthermore, if the CMP-08 is not filed for two consecutive quarters, the e-way bill creation is halted. Taxpayers must submit Form GST EWB 05 to the jurisdictional tax authority in order to be unblocked. They might also have to file all outstanding forms from previous quarters.
The following are the three types of GST Returns that must be filed monthly and an annual return for registered businesses:
- GSTR-1 comprises monthly data of taxable goods and/or services effected outward supplies. It is expected on the 10th of the next month.
- Monthly details of inward supplies of taxable goods and/or services effected while claiming input tax credit are included in GSTR-2. It is due on the 15th of the next month.
- GSTR-3 is a monthly return based on the completion of details of outbound and inbound supplies, as well as the payment of tax. It is due on the 20th of the next month.
- GSTR-9 must be filed yearly by December 31st of the next fiscal year.
Input credit refers to the ability to deduct the tax you’ve already paid on inputs while paying tax on output. If you have a tax invoice from a licenced dealer, we can assist you claim input tax credit with this package. Read on to find out more.
To charge the tax and pass on the input tax credit, a tax invoice is usually produced. A GST compliant tax invoice is a bill that contains 16 necessary pieces of information, including:
- The supplier’s name, address, and GSTIN
- The invoice number is
- Issuance date
- The recipient’s name, address, and GSTIN (if registered)
- The HSN code
- A brief description of the products/services
- Product quantity
- After discount value
- GST rate and amount
We anticipate you to supply a summary of invoices (buy and sale) encompassing all of this information as part of this plan to assist us in filing your Gst return.
GSTR 3B is a straightforward return that firms must file within the first two months of the GST year (July and August, 2017). The filing of GSTR 1, 2 & 3 for July and August 2017 has been postponed by the government to give businesses more time to transition to GST.
GSTR Forms Filing Schedule:
- The GSTR-3B for July 2017 is due on the 20th of August, and the GSTR-3B for August 2017 is due on the 20th of September.
- The GSTR-1 for July 2017 must be filed between the 1st and 5th of September, and the GSTR-1 for August 2017 must be filed between the 16th and 20th of September.
- The GSTR-2 for July 2017 must be filed between the 6th and 10th of September, and the GSTR-2 for August 2017 must be filed between the 21st and 25th of September.
- The GSTR-3 for July 2017 must be filed between the 11th and 15th of September, and the GSTR-3 for August 2017 must be filed between the 26th and 30th of September.
You must file GST returns if your company is GST registered. If you file GST returns, you may be eligible for an input tax credit.
The government has yet to establish GST filing guidelines for e-commerce businesses. Until then, you’ll have to file GST returns like everyone else. We’ll take care of it as part of this deal.
For each GSTIN, you must file a GST return. So, for one GSTIN, you must file three monthly filings and one yearly return. We shall only file GST returns for one GSTIN under this strategy. For several GSTINs, you will need to purchase extra packages.
Under GST model law, the processing time for a refund application is set at sixty days, but it might be as little as two weeks. Our professionals will assist you in obtaining a refund.
The review of records kept by the taxable person to verify the accuracy of information declared, taxes paid, and assess compliance with GST requirements is known as a GST audited. The taxpayer or the tax authorities can conduct the audit. Every registered taxable person whose annual turnover exceeds the statutory level [the turnover limit under the draught rules is above Rs 1 crore] must have his accounts audited by a CMA experts. Continue on for more information.
Our professionals will assist you with your tax audit. Please keep in mind that our package does not include auditing services. The CA assesses these charges independently.
To combat tax evasion and corruption, the GST has enacted stringent penalties, prosecution, and arrest provisions for violators. These include experts in fraud and tax evasion, among other things. Please read our article for more information.
Invoices for taxable supplies made to registered taxpayers are referred to as B2B invoices.
B2CL invoices are for taxable outward supplies to unregistered taxpayers where the supply is made interstate and the total invoice value exceeds Rs 2,50,000/-.