Nothing alarming about massive transitional GST credit claim, says finance ministry

The massive Rs65,000 crore tax credit claimed by businesses in July while shifting to the goods and services tax (GST) regime is not a cause for worry as it will only be utilized by firms over many months, finance ministry officials said. The ministry, which looked into the tax credit claims which accounted for two-thirds of the GST collection in the first month of the tax reform, has concluded th…