The government has received a rude shock with a whopping Rs 65,000 crore of the Rs 95,000 crore collected as GST in July being claimed back as transitional credit by taxpayers. The tax authorities are now scrutinising all such cases where the sum exceeds Rs 1 crore. The Goods and Services Tax (GST) regime, which came into effect from July 1, allows tax credit on stock purchased during the previous tax regime. This claim is available only up to 6 ...
09-16-2017, 08:50 PM
Govt orders probe on taxpayers claim under GST
The government has received a rude shock with a whopping Rs 65,000 crore of the Rs 95,000 crore collected as GST in July being claimed back as transitional credit by taxpayers. The tax authorities are now scrutinising all such cases where the sum exceeds Rs 1 crore. The Goods and Services Tax (GST) regime, which came into effect from July 1, allows tax credit on stock purchased during the previous tax regime. This claim is available only up to 6 ...
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