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Conditions for availment of ITC

Date 06 Apr 2020
Written by
Retrospective amendment validates time limits for GST input tax credit carryforward and raises property-rights concerns under the constitution.
The retrospective insertion of the phrase "within such time" into section 140 is said to validate rule based time limits for transitional CENVAT/ITC carryforward, effectively causing lapse of credits and negating prior judicial decisions; this legislative retroactivity is argued to impinge on proprietary interests and raise constitutional property rights concerns. (AI Summary)

By prescribing the phrase "within such time" retrospectively, in section 140, CGST Act, the Govt. has legalised the time frame prescribed under rule 117, CGST Rules for lapsing CENVAT/ITC Credit carry forwad by a taxable persons under GST regime and nullified various judicial decisions decided in favour of taxable persons.

In my view, such type of retrospective amendment in section 140, CGST Act is  against property right under Art. 300A, Constitution of India. 

 

CA Om Prakash Jain

Jaipur 

Goods and Services Tax - GST
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