Transitional Credit Under GST: Centre takes exclusive powers to verify claims

Concerned over what it perceives as a tendency among a section of taxpayers to over claim transitional credits in the GST regime, the Centre has arrogated to itself the power to verify these claims, a move that might not go down well with the state governments. Since the launch of the GST, taxpayers have claimed Rs 1.6 lakh crore transitional credit (for taxes like excise and service tax paid in t…