Form GST CMP-03 is a statement that needs to be filed by taxpayers who have opted for the Composition Scheme under GST.
The statement is filed to declare the details of stock held by the taxpayer on the day immediately preceding the date from which the composition levy is applicable.
The due date for filing Form GST CMP-03 is 30th April 2019.
The statement can be filed online on the GST portal.
If there is any discrepancy in the details declared in Form GST CMP-03 and the actual stock held by the taxpayer, the taxpayer may be liable to pay a penalty.
If the taxpayer has not made any outward supply during the period for which the composition levy is applicable, then the taxpayer is not required to file Form GST CMP-03.
The order also provides clarification on the filing of Form GST CMP-02, which is a statement that needs to be filed by taxpayers who have opted for the Composition Scheme under GST to declare the details of inward supplies received during a quarter.