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of <h1>Section 42 of Goa GST Act 2017: Process for Matching, Reversing, and Reclaiming Input Tax Credit Explained</h1> Section 42 of the Goa Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that details of inward supplies provided by a recipient are matched with the supplier's outward supply details and integrated goods and services tax paid on imports. Discrepancies or duplications in claims are communicated, and unresolved issues result in adjustments to the recipient's output tax liability. The recipient can reduce this liability if the supplier rectifies discrepancies timely. Interest is applicable on adjustments, and refunds are provided for accepted reductions, with conditions on interest amounts.
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