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The government is in the process of checking the veracity of the around Rs 60,000 crore of claims made by entities for stocks before the implementation of the goods and services tax (GST).
Of the Rs 95,000 crore of revenue collected in July, around Rs 62,000 crore has been claimed as input tax credit for taxes paid for the period before July 1, startling the government. “We need to verify if the claims filed are genuine. The number appears to be quite huge with respect to the tax collected,” said a senior government official.
The input tax credit for the
