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of <h1>Section 43 of the Himachal Pradesh GST Act 2017: Process for Matching, Reversing, and Reclaiming Tax Reductions Explained.</h1> Section 43 of the Himachal Pradesh Goods and Services Tax Act, 2017 outlines the process for matching, reversing, and reclaiming reductions in output tax liability. It requires the matching of credit notes from suppliers with the corresponding input tax credit claims by recipients. Discrepancies or duplications in claims are communicated to both parties, and unresolved discrepancies are added to the supplier's output tax liability. Suppliers can reduce their liability if recipients declare credit notes within a specified time. Interest is applicable on added liabilities, but refundable if reductions are accepted. Non-compliance results in additional liabilities and interest.
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