GST Council meet: Large refund claims for transitional stock startle govt

For Rs 95,000-cr July revenue, Rs 60,000 cr claimed as input tax credit for period before July 1

Significant refunds claimed by entities for the pre-GST (goods and services tax) stock has left the government startled.
 
For the close to Rs 95,000 crore of revenue collected for July so far, around Rs 60,000 crore has been claimed as input tax credit for taxes paid for the period before July 1, according to state official sources.
 
The input tax credit for the transitional period has been claimed through the TRAN 1 form. Companies had a 90-day period from July 1 to claim credit for the excise duty already paid on inputs.
 
“We are still evaluating the