A major relief for taxpayers as an important GST Return Filing deadline has been extended. The latest news is that CMP-08 GST Return Due date for quarter 1 Financial Year 2022-23 deadline has been extended. This article will guide you about the latest news as CMP-08 GST Return due date has been extended.
What is CMP-08 GST Return Filing?
CMP-08 GST Return filing is mandatory for all composition taxpayers. A composition dealer will use the Form CMP-08, which is a special statement-cum-challan to declare the details or summary of his/her self-assessed tax payable for a given quarter. It also serves as a challan that allows tax payments.
Understand about it in detail: CMP-08 Return Filing for Composite Taxpayers for FY21
Who is required to file the form GST CMP-08?
A person who has been registered as an GST Composition scheme using Form GST CMP 02 or has chosen to be a composition person who is tax liable via GST REG-01 must fill out form GST CMP-08.
CBIC announces CMP-08 GST Return due date Extension for FY 2022-23
Recently the 47th GST Council meeting was scheduled in Chandigarh on June 28, and 29th 2022. The meeting was chaired by the Finance Minister of India, & Corporate Affairs Minister Smt. Nirmala Sitharaman.
The meeting announced a recommendation to extend the deadline of the GST form CMP-08 for the first quarter of the Financial Year 2022-23 from July 18, 2022 until July 31st 2022.
Thus, the CBIC recently released a notification later announcing that CMP-08 GST Return due date for Quarter 1 FY 2022-23 deadline extended is up to 31st July 2022.
Conclusion
In conclusion, this is a great opportunity for taxpayers to file their GST Return. Taxpayers should not miss the due date otherwise they would be liable to pay hefty penalties.