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of <h1>Section 42 GST Act: Input Tax Credit Matching, Reversal & Reclaim Process Explained for Suppliers & Recipients.</h1> Section 42 of the Himachal Pradesh Goods and Services Tax Act, 2017, addresses the matching, reversal, and reclaim of input tax credit. It mandates that details of inward supplies reported by a recipient must be matched with corresponding outward supplies from the supplier and integrated GST paid on imports. Discrepancies or duplications in claims trigger notifications and adjustments to the recipient's output tax liability. If discrepancies are unresolved, they are added to the recipient's liability, with interest applicable. Corrective actions by the supplier can allow the recipient to adjust their liability and reclaim interest paid.
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