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Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Goods and Services Tax - GST - Dated:- 22-9-2017 - There are lot of speculations in the media about the credit of ₹ 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the .....

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oes not mean that they would have used all of this credit for payment of their output tax liability for the month of July 2017. It may be clarified that this is far from the truth. Secondly, it may be clarified that an amount of ₹ 95,000 crore, .....

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Excise and Service Tax was lying as closing balance as on 30th June, 2017 as per department s record. This includes credit in Central Excise as well as Service Tax. Of course, some of these credits may not be admissible under GST regime, for example .....

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