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CMP-08 statement filing is a procedure mandated by the Goods and Services Tax (GST) which requires the regular submission of invoices and other details relating to business transactions in a particular month. This statement helps businesses in India to maintain compliance with GST laws, as it ensures that businesses pay correct taxes to the government.
The CMP-08 statement needs to be filed monthly or quarterly, depending on the type of GST registration. The return form consists of three tables: table 1A, 1B, and 2A. Table 1A includes details about outward supplies of goods and services, Table 1B includes details about inward supplies made under reverse charge, and Table 2A includes details about advances received from customers.
In India, any taxpayer registered as a composition taxable person through Form GST REG-01 and paid the composition levy through Form GST CMP-02 is eligible to file Form GST CMP-08.
This form is used to declare quarterly turnover and remit the tax payable through the electronic cash ledger. The filing of this form must be done on or before the 18th day of the month succeeding the quarter.
Filing Form GST CMP-08 requires taxpayers to provide details of their transactions, such as outward supplies, inward supplies, tax liabilities, and tax payments made during the said quarter.
