Out of ₹65k-cr GST credit claims, only ₹12k-cr valid: Govt

The government has estimated that valid GST transitional credit claims of taxpayers in July are just ₹12,000 crore, and not ₹65,000 crore as previously claimed. Notably, nearly ₹65,000 crore out of ₹95,000 crore GST collections was claimed as transitional credit. The high credit claim had prompted the government to verify claims of over ₹1 crore each made by 162 entities.