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Composition scheme filing has tight quarterly deadlines (18th of month after quarter-end). Missing deadlines incurs interest. EZTax proactively tracks CMP-08 due dates, ensures accurate flat tax computation, and maintains records for audit compliance.
What is CMP-08?
CMP-08 is a quarterly challan cum return statement filed by businesses under GST composition scheme. It declares self-assessed tax payable for the quarter at flat rates (1%, 2%, or 5% depending on turnover slab).
Is CMP-08 filing mandatory?
Yes. CMP-08 must be filed every quarter even if there are no sales during the period (nil filing).
What is the CMP-08 due date?
CMP-08 is due on the 18th of the month succeeding each quarter: 18th July (Q1), 18th Oct (Q2), 18th Jan (Q3), 18th April (Q4).
What are the flat tax rates under composition scheme?
Rates are: 1% for manufacturing/trading under ₹1Cr turnover, 2% for trading ₹1-1.5Cr, 5% for services/hybrid businesses. Rates are applied on quarterly turnover.
Can composition scheme businesses claim ITC?
No. Composition scheme businesses cannot claim Input Tax Credit (ITC). All GST on purchases is a cost and cannot be credited.
What happens if CMP-08 is filed late?
Late filing incurs interest at the rate applicable. No late fee capped limit currently, so interest accrues on unpaid tax amount until payment.