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of <h1>Section 42 of Punjab GST Act: Process for Matching, Reversing, and Reclaiming Input Tax Credit Explained.</h1> Section 42 of the Punjab Goods and Services Tax Act, 2017 outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that 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 lead to adjustments in the recipient's output tax liability, with interest applicable on excess claims. If discrepancies are rectified, adjustments and interest may be reversed. The section also details the conditions under which interest is refunded or added.
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