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of <h1>Section 42 of Telangana GST Act: Process for Matching, Reversing, and Reclaiming Input Tax Credit Explained</h1> Section 42 of the Telangana Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that details of inward supplies by a recipient must be matched with corresponding outward supplies by the supplier, integrated goods and services tax on imports, and checked for duplication. Discrepancies are communicated to both parties, and unresolved issues result in adjustments to the recipient's output tax liability. The recipient can reduce this liability if the supplier corrects the discrepancy timely. Interest is applicable on excess claims, with provisions for refunding interest if reductions are accepted.
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