Composition scheme payment statement requirement introduced, mandating quarterly self assessed tax reporting and annual return submission under new rule. The amendments require that returns due for periods between cancellation and revocation of registration be filed within thirty days of revocation, and where cancellation is retrospective, returns from the effective cancellation date to revocation must also be filed within thirty days. Rule 62 now requires taxpayers under the composition scheme or availing a specified rate notification to file a quarterly self assessed tax statement in FORM GST CMP-08 by the eighteenth day after the quarter and an annual return in FORM GSTR-4 by the thirtieth day of April, with CMP-08 discharging tax and interest liabilities and special filing rules on withdrawal or cessation of notification benefits.
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Composition scheme payment statement requirement introduced, mandating quarterly self assessed tax reporting and annual return submission under new rule.
The amendments require that returns due for periods between cancellation and revocation of registration be filed within thirty days of revocation, and where cancellation is retrospective, returns from the effective cancellation date to revocation must also be filed within thirty days. Rule 62 now requires taxpayers under the composition scheme or availing a specified rate notification to file a quarterly self assessed tax statement in FORM GST CMP-08 by the eighteenth day after the quarter and an annual return in FORM GSTR-4 by the thirtieth day of April, with CMP-08 discharging tax and interest liabilities and special filing rules on withdrawal or cessation of notification benefits.
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