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Tax department seeks transitional credit data
Transitional credit refers to tax credits on sales tax, excise and valued-added tax accumulated before July 1 on pre-GST stock. The move comes about two weeks after tax officers questioned manufacturing companies on transitional credit claimed by them. The finance head cited the tax officer as saying the transitional credit claimed by the bank was high. I tried to explain that transitional credit has to be viewed in the context of our monthly tax outgo.
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