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As much as Rs. 65,000 crore out of the nearly Rs. 95,000 crore tax collections in July -- the first month of GST -- have been claimed as transitional credit by taxpayers, prompting the CBEC to order a scrutiny of all cases above Rs. 1 crore. The Goods and Services Tax (GST) regime, which kicked in on July 1, allows the tax credit on stock purchased during the previous tax regime. This facility is available only up to six months from the date of GST rollout.
The Central Board of Excise and Customs (CBEC), the body which deals with the formulation and implementation of policy concerning the levy and collection of indirect taxes, in a letter dated September 11 has asked tax officials to verify GST transitional credit claims of over Rs. 1 crore made by 162 entities.
In the transitional credit form TRAN-1 filed by taxpayers along with their maiden returns for July, businesses have claimed a credit of over Rs. 65,000 crores for excise, service tax or VAT paid before the GST was implemented from July 1.