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of <h1>Understanding Section 42: Matching, Reversal, and Reclaim of Input Tax Credit Under GST Act 2017</h1> Section 42 of the Puducherry Goods and Services Tax Act, 2017, addresses the matching, reversal, and reclaim of input tax credit. It requires registered recipients to match inward supply details with corresponding outward supply details or integrated GST paid on imports. Accepted claims are communicated to the recipient. Discrepancies, such as excess claims or undeclared supplies, are communicated and may result in adjustments to the recipient's output tax liability. Recipients can reduce their liability if suppliers rectify discrepancies timely. Interest is applied to excess claims, and refunds are possible if reductions are accepted. Non-compliance leads to further liability and interest charges.
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