The Central Board of Indirect Taxes and Customs (CBIC) has dismissed an informal message being circulated on social media platforms, claiming that certain Transition Benefits under GST will be applicable, related to Unutilised cess credit, ITC of exempted supplies and New price adjustment provisions, from the 22nd of this month.
CBIC said that such claims are factually incorrect and misleading. It requested the general public, members of the trade and industry and other stakeholders to refer only to the official Government-issued notifications and circulars, for a better understanding of the next generation reforms under GST.
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