CBEC to verify GST transitional credit claims of 50,000 taxpayers

In order to check "frivolous and fraudulent" tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh. The verification of "unreasonable" transitional credit claims would be conducted in four phases, a source said, adding that credit verification will remain on…