https://www.taxtmi.com/article/detailed?id=9055 The article argues that the notwithstanding clause in Section 16(2) makes furnishing of return the operative entitlement condition for Input Tax Credit, so that belated filing or rectification does not forfeit ITC. It treats rules as procedural and lacking power to extinguish a vested credit right, and contends that governmental retention of credit payable to a taxpayer is without legal authority and inconsistent with constitutional tax principles, citing authorities recognising ITC as a vested right. en-us Thu, 09 Apr 2020 10:34:29 +0530 Thu, 09 Apr 2020 10:34:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9055 The article argues that the notwithstanding clause in Section 16(2) makes furnishing of return the operative entitlement condition for Input Tax Credit, so that belated filing or rectification does not forfeit ITC. It treats rules as procedural and lacking power to extinguish a vested credit right, and contends that governmental retention of credit payable to a taxpayer is without legal authority and inconsistent with constitutional tax principles, citing authorities recognising ITC as a vested right. Articles Goods and Services Tax - GST Thu, 09 Apr 2020 10:34:29 +0530 https://www.taxtmi.com/article/detailed?id=9055