Business

CBEC scans high-value credit claims

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As much as ₹65,000 crore of the close to ₹95,000 crore tax collections in July have been claimed as transitional credit by taxpayers, prompting the CBEC to order a scrutiny of all cases above ₹1 crore.

The Goods and Services Tax regime allows tax credit on stock purchased during the previous tax regime. The facility is available only up to 6 months from July 1. The CBEC has asked tax officials to verify credit claims of more than ₹1 crore made by 162 entities.

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Printable version | Jan 28, 2020 6:25:44 PM | https://www.thehindu.com/business/cbec-scans-high-value-credit-claims/article19693825.ece

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