TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 29: Ensuring Accurate Input Tax Credit Matching, Reversal, and Reclaim Process with Penalties for Discrepancies</h1> Section 29 of the Model GST Law outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that details of inward supplies provided by a recipient must be matched with the supplier's outward supply details and customs duties paid. Discrepancies or duplications in claims are communicated to both parties, and unresolved discrepancies are added to the recipient's output tax liability. Recipients can reduce their liability if suppliers rectify discrepancies timely. Interest is payable on added liabilities, with provisions for refunds if reductions are accepted. Violations of these provisions result in added liabilities and interest penalties.
TaxTMI 
TaxTMI 
