Valid transitional credit claims just Rs12,000 crore, says govt

The government has come out with an estimate that valid transitional credit claims of taxpayers in July -- the first month of goods and services tax (GST) -- are just Rs12,000 crore and not Rs65,000 crore as previously claimed. As much as Rs65,000 crore out of the about Rs95,000 crore tax collections in July had been claimed as transitional credit by taxpayers, but a close scrutiny has brought dow…