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What is CMP 02 ? How to File CMP 02?


July 09, 2021

What Is CMP 02

What is CMP 02? How to File CMP 02?

GST CMP-01 and GST CMP-02 are the GST forms to be filed by the composition dealers to intimate the tax authorities as they opt for a composition scheme. We have already discussed the composition scheme in detail and their GST rate earlier here we would examine details regarding GST CMP-01 & GST CMP-02

GST CMP-01

GST CMP-01 is a form that is made for the migrated taxpayer who would like to choose the Composition scheme. The due date for filing GST CMP-01 is prior to the appointed date or within 30 days of the said date.

GST CMP-02

A taxpayer is needed to file GST CMP-02 form and inform the tax authorities if he wishes to opt for the composition scheme and pay composition levy during a financial year or in the middle of a financial year. In case the GST CMP-02 filed during the middle of the financial year, the scheme rules would be applicable from the month following in which the form has been filed.

For instance, if a taxpayer files GST CMP-02 on December 2020 as per the rule, the composition scheme would be applicable from January 2021 onwards.

Who could File for GST CMP-02?

A taxpayer who wishes to opt for a Composition scheme at the starting of an FY or in the middle of an FY has to inform the authorities via GST CMP-02 form. The rules and provisions related to the composition scheme would be applicable following the month in which he has filed GST CMP-02. Moreover, In addition to the form GST CMP-02, the taxpayer is required to make a declaration with regards to the intimation of ITC reversal or tax payment on inputs held as stock, input contained in semi-finished and finished goods in stock, and capital goods within 90 days of commencement of the relevant FY.

GST CMP-02 Due Date

A taxpayer who wishes to choose for composite GST scheme needs to file the intimation with the authority in a prescribed manner in form GST CMP-02. The due date for the GST CMP-02 for the upcoming FY 2021-22 is 31st March 2021.

How to File GST CMP-02?

  • Step 1: Log in to the GST portal, www.gst.gov.in
  • Step2: After login into the GST portal, you may choose the ‘Services‘ tab and then click on ‘Registration’ from the list. Then under ‘Registration’ select ‘Application to opt for composition levy’.

 

 

  • Step 3: Once you could see ‘composition declaration’ and ‘verification’ and tick on both boxes. Then select the ‘Name of Authorized Signatory’ and type place and click on ‘SAVE’.

 

 

 

  • Step 4: In case you apply on behalf of a company or LLP, you could only submit the application with DSC. Other registrants could use any of the three methods to submit the return.
  • Step 5: Then a warning pop-up comes up. There you click on ‘PROCEED’.

 

 

 

Note: 

  1. Once the application is submitted a message would be displayed and an acknowledgment would be received to your registered mobile no and email id.
  2. Again after filing this, a composition dealer should file GST CMP-03 within 90 days.

 

GST CMP-08 Form

GST CMP-08 Form was introduced in April 2019 to simplify the compliance process for composition dealers. It replaced the erstwhile quarterly GST-4 filed by composition dealers and make applicable from FY 2019-20 onwards.

GST CMP-08 is a special statement cum challan form for composition dealers to declare the details or summary of their self-assessed tax to be paid for a given quarter. Besides, it acts as a challan to make payment for tax.

 

Read More:

GST Composition Scheme

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