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of <h1>Section 42: Matching, Reversing, and Reclaiming Input Tax Credit under Orissa GST Act 2017 Explained</h1> Section 42 of the Orissa Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that the details of inward supplies reported by a recipient must be matched with the supplier's outward supply details, integrated GST paid on imports, and checked for duplication. Accepted claims are communicated to the recipient. Discrepancies or duplications result in adjustments to the recipient's output tax liability and may incur interest. If the supplier rectifies discrepancies timely, the recipient can reduce their tax liability. Interest paid due to discrepancies is refundable if reductions are accepted.
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