GST Due Date Reminder: CMP-08 for July to September 2024

Attention all Composition Dealers! The GST filing due date for CMP-08 for the period July to September 2024 is quickly approaching, and it is important to ensure timely submission. The last date to file CMP-08 for this quarter is 18th October 2024.

In this post, we'll walk you through what CMP-08 is, who needs to file it, and the importance of filing it on time.

What is CMP-08?

CMP-08 is a quarterly challan-cum-statement that is mandatory for taxpayers who have opted for the GST Composition Scheme. Under this scheme, small taxpayers can pay GST at a fixed rate on their turnover, without claiming an input tax credit (ITC).

Who Needs to File CMP-08?

Composition dealers are required to file CMP-08. The scheme is designed to simplify compliance for small taxpayers with a turnover of up to Rs. 1.5 crore. Businesses and individuals eligible under the composition scheme include:

  • Small traders and manufacturers
  • Restaurants not serving alcohol
  • Service providers (with certain restrictions)

What Information is Required in CMP-08?

In the CMP-08 form, composition dealers are required to provide a summary of:

  1. Outward Supplies: The total value of goods and services sold during the quarter.
  2. Tax Liability: The GST payable for the quarter based on outward supplies.
  3. Interest or Late Fees (if applicable): If the filing is delayed beyond the due date.

Why Filing CMP-08 on Time is Important

Filing CMP-08 on time helps ensure that your business remains GST-compliant. Late filing or non-filing can lead to:

  • Late Fees and Penalties: A daily penalty for late filing can be levied, making it more expensive to delay submission.
  • Interest on Late Payment: If there is a tax liability that remains unpaid beyond the due date, interest is also charged.

Additionally, regular and timely filings contribute to a clean and transparent tax record for your business, which can be important for growth and future tax assessments.

How to File CMP-08?

CMP-08 can be filed online through the GST portal. Ensure that you have all the necessary details about your outward supplies and tax liabilities for the quarter before filing. Make sure to use your GSTIN login credentials to access the portal.

Get Expert Assistance with Taxla Services!

Navigating GST regulations can be complex, but with Taxla Services, you don't have to worry. We provide comprehensive support for GST registration, filing, and compliance, ensuring that all your filings are done on time and without errors.

Reach out to us for assistance with your CMP-08 filing or any other tax-related services.

📞 Contact Us:
+91 9600076134 / +91 6374812546
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com
📍 Address: 19, SBI Colony 3rd Street, Saligramam, Chennai 600093

#GSTDueDate #CMP08 #CompositionDealers #GSTCompliance #TaxFiling #GSTScheme #SmallBusinesses #TaxlaServices #IncomeTaxPractitioners #StayCompliant #ChennaiTaxConsultants #GSTSimplified

Comments

Post a Comment

Popular posts from this blog

UPI Transactions Are Now Under GST Radar—Stay Compliant with Taxla Services

Image
Digital payments have revolutionized the way businesses operate, with platforms like GPay, PhonePe, Paytm , and others offering convenience and efficiency. However, with this convenience comes the responsibility of tax compliance. Recently, a merchant in Tamil Nadu faced a tax notice after their UPI transactions crossed the GST threshold of ₹20 lakhs in a financial year. Why Are UPI Transactions Being Monitored? The GST Department is closely monitoring digital payment platforms to ensure businesses comply with tax regulations. Transactions conducted via UPI are no longer immune to scrutiny. If your business turnover exceeds ₹20 lakhs (or ₹10 lakhs for specific categories), GST registration is mandatory —regardless of the payment method used. What Does This Mean for You? Unregistered Businesses: If you’re operating without GST registration but your annual turnover exceeds the threshold, you could face penalties and notices. Digital Payment Records: All UPI transactions are recorded an...
Read more

Understanding AOC-4 XBRL Filing Requirements and Deadlines

Image
In compliance with the Companies Act, 2013, every company registered in India is required to file its financial statements with the Ministry of Corporate Affairs (MCA). One of the key forms for this purpose is AOC-4 XBRL . Filing this form is crucial to ensure corporate transparency and adherence to regulatory standards. In this blog, we'll cover everything you need to know about the AOC-4 XBRL filing requirements, its purpose, the deadline, and why it matters for your business. What is AOC-4 XBRL? AOC-4 XBRL is a form mandated by the MCA for filing financial statements of companies in a format that uses the eXtensible Business Reporting Language (XBRL). XBRL is a global standard for exchanging business information, allowing for efficient and accurate data collection, analysis, and comparison across companies. According to Section 137 of the Companies Act, 2013 , and Rule 12(2) of the Companies (Accounts) Rules, 2014 , certain categories of companies are required to submit their f...
Read more

GSTR-1 Filing Due Date for September 2024: Don’t Miss the Deadline!

Image
 As a business owner registered under GST, it’s crucial to stay on top of your tax filing dates. The due date for GSTR-1 filing for the month of September 2024 is 11th October 2024 . What is GSTR-1? GSTR-1 is a monthly or quarterly return that businesses must file, summarizing all the outward supplies (sales) made during the reporting period. The return contains details like: Invoice-level information of all sales Details of outward supplies made to both registered and unregistered customers Details of debit and credit notes issued during the period Who is required to file GSTR-1? The GSTR-1 return must be filed by every registered taxable person, except for: Input Service Distributors (ISDs) Composition scheme taxpayers Persons liable to deduct tax at source (TDS) Persons liable to collect tax at source (TCS) Key Details for September 2024 Filing: Due Date: 11th October 2024 Applicable for: Businesses with an annual turnover exceeding ₹5 crores or those who have opted out of th...
Read more