The 42nd GST Council Meeting held on October 5, has recommended various amendments in the CGST Rules and FORMS which includes provision for furnishing of Nil FORM CMP-08 through SMS. Also, it suggests that the Refund should get disbursed in a validated bank account linked with the PAN & Aadhaar of the registrant w.e.f. January 1, 2021.
Form CMP-08 is a special statement-cum-challan which is used by the composition taxpayer to declare the details or summary of his/her self-assessed tax payable for a given quarter. It also acts as a challan for making payment of tax.
Also, the composition taxpayers need to file his/her annual return through the revised format of Form GSTR-4 by the date April 30 following the end of a specific fiscal year. A taxpayer who has opted for the composition scheme has to file Form CMP-08 to deposit payments every quarter.
The GST Council also recommended in the meeting that the satellite launch services supplied by ISRO, Antrix Corporation Ltd. and NSIL would get exempted so that it would encourage domestic launching of satellites particularly by young start-ups.
With Warm Regards,