Input tax credit: statutory compliance confers entitlement but remains subject to procedural and transitional limits.
Whether Input Tax Credit is a vested right or a concession hinges on statutory eligibility and transitional rules: Section 16 sets claimant conditions and temporal bars, Section 140 governs carry forward of pre GST credits, and Rule 117 prescribes deadlines. Courts and policy instruments have divided between protecting accrued credits where substantive requirements are met and treating credit as a legislatively controlled concession subject to procedural and transitional restrictions. (AI Summary)