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of <h1>Section 29A: Procedures for Matching, Reversing, and Reclaiming Output Tax Reductions in GST Law Explained</h1> Section 29A of the Model GST Law outlines procedures for matching, reversing, and reclaiming reductions in output tax liability. It mandates that credit notes related to outward supplies be matched with corresponding input tax credit reductions by recipients. Discrepancies or duplications are communicated to both parties, and unresolved discrepancies result in adjustments to the supplier's output tax liability. Suppliers can reclaim reductions if recipients correctly declare credit notes within a specified timeframe. Interest is applicable on discrepancies but refundable if reductions are later accepted. Non-compliance leads to additional tax liabilities and interest charges for suppliers.
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