Matching of credit notes governs reversal of output tax reductions and additions plus interest where recipient non declaration occurs. Matching requires suppliers' credit note details to reconcile with recipients' reductions in input tax credit; matched claims are accepted and communicated. Discrepancies or undeclared credit notes are communicated to both parties, and unrectified amounts are added to the supplier's output tax liability. Duplication results in addition in the month of communication. Suppliers are liable for interest from the date of the original claim until addition. If the recipient later declares the credit note within the time under section 39(9), the supplier may reclaim the amount and receive refund of interest limited to the interest paid by the recipient.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Matching of credit notes governs reversal of output tax reductions and additions plus interest where recipient non declaration occurs.
Matching requires suppliers' credit note details to reconcile with recipients' reductions in input tax credit; matched claims are accepted and communicated. Discrepancies or undeclared credit notes are communicated to both parties, and unrectified amounts are added to the supplier's output tax liability. Duplication results in addition in the month of communication. Suppliers are liable for interest from the date of the original claim until addition. If the recipient later declares the credit note within the time under section 39(9), the supplier may reclaim the amount and receive refund of interest limited to the interest paid by the recipient.
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