Input tax credit matching requires reconciliation with supplier returns; unresolved discrepancies increase recipient's output tax liability. Matching of input tax credit reconciles a recipient's inward-supply details with supplier outward-supply returns, import tax records, and duplicate-claim checks. Accepted matches are communicated as prescribed; discrepancies and duplications are notified to both parties. Unrectified discrepancies and excess credits due to duplication are added to the recipient's output tax liability, and interest accrues from the date credit was availed. If the supplier later declares the invoice within the prescribed period, the recipient's liability is reduced and interest refunded to the electronic cash ledger, limited to interest paid by the supplier.
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 input tax credit reconciles a recipient's inward-supply details with supplier outward-supply returns, import tax records, and duplicate-claim checks. Accepted matches are communicated as prescribed; discrepancies and duplications are notified to both parties. Unrectified discrepancies and excess credits due to duplication are added to the recipient's output tax liability, and interest accrues from the date credit was availed. If the supplier later declares the invoice within the prescribed period, the recipient's liability is reduced and interest refunded to the electronic cash ledger, limited to interest paid by the supplier.
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