Benefit Of Input Tax Credit Can't Be Reduced Without Statutory Sanction : Supreme Court

The Supreme Court ruled that the benefit of Input Tax Credit (ITC) cannot be reduced without statutory sanction. This clarifies that any reduction in ITC benefits must be explicitly authorized by law. The ruling protects the rights of businesses to claim ITC as per the existing legal framework. This decision ensures that tax authorities cannot arbitrarily restrict ITC benefits. It reinforces the importance of adhering to the statutory provisions related to ITC claims.