Rs 65,000 crore GST credit: CBEC scans high-value claims

As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July -- the first month of GST -- have been claimed as transitional credit by taxpayers, prompting the CBEC to order a scrutiny of all cases above Rs 1 crore. The Goods and Services Tax (GST) regime, which kicked in from July 1, allows tax credit on stock purchased during the previous tax regime. This facility is avail…