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GST Insights 🇮🇳 Profile picture
GST Insights 🇮🇳
@InGSTPortal
Join us for real-time updates, inside stories, market intelligence & all that you need to know about GST, India's landmark tax reform. ✨ krunal@GSTinsights.in
Jul 7, 2022 • 9 tweets • 2 min read
Circular 170 - the key to consistent disclosures
(here’s how to disclose ITC in GSTR-3B)

CBIC has clarified on reporting of the supplies to end-users, composition taxpayers, UIN holders as well as the disclosure of ineligible/blocked input tax credits and reversals thereof. Although the incorrect or non-disclosure of information in table 3.2 does not have direct implications on the revenue collections and neither does it incentivise the taxpayer in any way, it does affect the revenue sharing between the Centre and the States.
Jun 25, 2022 • 10 tweets • 3 min read
Central Government has extended the period for levy and collection of Cess till March 31, 2026.

- Notification 1/2022 - Compensation Cess

Catch the details in the thread below. 🧵 The Cess collection over the next three years will be used for servicing the loans taken by the Center to compensate the States for the revenue shortfall.