Section 43 – Matching, reversal and reclaim of reduction in output tax liability of CGST ACT, 2017<\/p>\n
43. (1) The details of every credit note relating to outward supply furnished by a
\nregistered person (hereafter in this section referred to as the \u201csupplier\u201d) for a tax period shall,
\nin such manner and within such time as may be prescribed, be matched\u2013\u2013
\n(a) with the corresponding reduction in the claim for input tax credit by the
\ncorresponding registered person (hereafter in this section referred to as the \u201crecipient\u201d)
\nin his valid return for the same tax period or any subsequent tax period; and
\n(b) for duplication of claims for reduction in output tax liability.
\n(2) The claim for reduction in output tax liability by the supplier that matches with the
\ncorresponding reduction in the claim for input tax credit by the recipient shall be finally
\naccepted and communicated, in such manner as may be prescribed, to the supplier.
\n(3) Where the reduction of output tax liability in respect of outward supplies exceeds
\nthe corresponding reduction in the claim for input tax credit or the corresponding credit note
\nis not declared by the recipient in his valid returns, the discrepancy shall be communicated
\nto both such persons in such manner as may be prescribed.
\n(4) The duplication of claims for reduction in output tax liability shall be communicated
\nto the supplier in such manner as may be prescribed.
\n(5) The amount in respect of which any discrepancy is communicated under
\nsub-section (3) and which is not rectified by the recipient in his valid return for the month in
\nwhich discrepancy is communicated shall be added to the output tax liability of the supplier,
\nin such manner as may be prescribed, in his return for the month succeeding the month in
\nwhich the discrepancy is communicated.
\n(6) The amount in respect of any reduction in output tax liability that is found to be on
\naccount of duplication of claims shall be added to the output tax liability of the supplier in his
\nreturn for the month in which such duplication is communicated.
\n(7) The supplier shall be eligible to reduce, from his output tax liability, the amount
\nadded under sub-section (5) if the recipient declares the details of the credit note in his valid
\nreturn within the time specified in sub-section (9) of section 39.
\n(8) A supplier in whose output tax liability any amount has been added under
\nsub-section (5) or sub-section (6), shall be liable to pay interest at the rate specified under
\nsub-section (1) of section 50 in respect of the amount so added from the date of such claim
\nfor reduction in the output tax liability till the corresponding additions are made under the
\nsaid sub-sections.
\n(9) Where any reduction in output tax liability is accepted under sub-section (7), the
\ninterest paid under sub-section (8) shall be refunded to the supplier by crediting the amount
\nin the corresponding head of his electronic cash ledger in such manner as may be prescribed:
\nProvided that the amount of interest to be credited in any case shall not exceed the
\namount of interest paid by the recipient.
\n(10) The amount reduced from output tax liability in contravention of the provisions of
\nsub-section (7) shall be added to the output tax liability of the supplier in his return for the
\nmonth in which such contravention takes place and such supplier shall be liable to pay
\ninterest on the amount so added at the rate specified in sub-section (3) of section 50.<\/p>\n","protected":false},"excerpt":{"rendered":"
Section 43 – Matching, reversal and reclaim of reduction in output tax liability of CGST ACT, 2017 43. (1) The details of every credit note relating to outward supply furnished by a registered person (hereafter in this section referred to as the \u201csupplier\u201d) for a tax period shall, in such manner and within such time … Continue reading “Section 43 – Matching, reversal and reclaim of reduction in output tax liability of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/211"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=211"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/211\/revisions"}],"predecessor-version":[{"id":212,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/211\/revisions\/212"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}