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of <h1>Section 37: Matching and Adjusting Input Tax Credit Claims; Discrepancies Affect Output Tax Liability and Interest Refunds</h1> Section 37 of the Model GST Law outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that details of inward supplies reported by a recipient must be matched with outward supplies reported by the supplier, customs duties paid, and checked for duplication. Accepted claims are communicated to the recipient. Discrepancies or excess claims result in adjustments to the recipient's output tax liability, with interest applicable until rectified. If the supplier corrects discrepancies within a specified time, the recipient can reduce their output tax liability, and any excess interest paid is refunded. Violations lead to additional output tax liability and interest.
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