The Central Board of Indirect Taxes and Customs (CBIC), on Monday has notified that the small businesses shall submit FORM GST CMP-08 till 31st July, 2022.
A notification issued as recommended by the GST Council stated that “Provided also that the said persons shall furnish a statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017 for the quarter ending 30th June, 2022 till the 31st day of July, 2022.”.
Small businesses registered under the GST composition scheme can pay GST at a fixed rate of turnover every quarter and file quarterly GST returns. Composition Scheme has been designed with the aim to make compliance more accessible and cost-effective for the taxpayers.
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.
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