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of <h1>Section 42 of Tamil Nadu GST Act 2017: Rules for Matching, Reversing, and Reclaiming Input Tax Credit Explained.</h1> Section 42 of the Tamil Nadu Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming input tax credit. It requires the recipient's inward supply details to match with the supplier's outward supply details or integrated GST paid on imports. Discrepancies or duplications in claims are communicated to both parties, and unresolved issues result in adjustments to the recipient's output tax liability. Recipients can adjust their liabilities if discrepancies are corrected by the supplier. Interest is applicable on excess claims, and any reduction in liability due to corrections is subject to refund of interest, with conditions on maximum refund limits.
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