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of <h1>Section 42 of Nagaland GST Act Details Input Tax Credit Matching, Reversal, and Reclaiming Process with Interest Implications</h1> Section 42 of the Nagaland Goods and Services Tax Act, 2017, outlines the process for matching, reversal, and reclaiming input tax credit. It requires the matching of inward supply details provided by a recipient with the corresponding outward supply details from the supplier, and with integrated GST paid on imports. Discrepancies or duplications in input tax credit claims are communicated to the parties involved. If discrepancies are not rectified, the excess credit is added to the recipient's output tax liability, with interest applicable from the credit date until rectification. Refunds of interest are possible if rectifications are made within prescribed timelines.
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