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Whether Input Tax Credit is a vested right and therefore, whether the imposition of a time limit for transitioning or utilisation thereof is constitutionally impermissible?

Input tax credit- In the instant case, the constitutional validity of the retrospective amendment to Section 140 of the CGST Act, 2017 and Rule 117 of the CGST Rules, 2017 are under challenge. Held that— we are of the opinion that the following questions arise for consideration in these writ petitions: Whether Input Tax Credit is a vested right and therefore, whether the imposition of a time limit for transitioning or utilisation thereof is constitutionally impermissible? Whether the time limit imposed in Rule 117 of the CGST Rules is mandatory or directory? Whether section 140 of the CGST Act read with Rule 117 of the CGST Rules divests the assessee of an alleged vested right or whether it prescribes conditions relating to the enforcement of such right? Whether the assessee has a legitimate expectation that the Input Tax Credit availed under the erstwhile tax regime should be permitted to be transitioned to the new tax regime without imposing a time limit? Whether the deprivation of the benefit of transitional Input Tax Credit would amount to double taxation of the assessee as alleged? As prayed for, list on 18-9-2020. Issue notice to the second and third respondents returnable by then.
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