Section 43 - Matching, reversal and reclaim of reduction in output tax liability.

Matching of credit notes requires reconciliation with recipients' input tax adjustments; discrepancies trigger additions and interest charges.

Matching requires reconciliation of a supplier's reduction in output tax liability with the recipient's corresponding reduction in input tax credit declared in a valid return; matched reductions are accepted and communicated. Discrepancies or duplications are notified; unrectified discrepancies or duplicative reductions are added to the supplier's output tax liability in the specified subsequent return periods and attract interest. If the recipient later declares the credit note within the prescribed time, the supplier may reclaim the added amount and receive interest credit up to the interest paid by the recipient.