Goods and Services Tax – GST – Dated:- 22-9-2017 – There are lot of speculations in the media about the credit of ₹ 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of ₹ 65,000 crore claimed as transition credit, the income of Government this month has plummeted. Firstly, ₹ 65,000 crore is the credit claimed by the taxpayers in the TRANS 1 form as their balance of credit. It does not mean that they would have used all of this credit for payment of their output tax liability for the month of July 2017. It may be clarified that this is far from the truth. Secondly, it may be clarified that an amount of ₹ 95,000 crore
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