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of <h1>Section 43: Matching and Reclaiming Tax Reductions in Tamil Nadu GST Act 2017 Explained. Key Penalties and Refunds Highlighted.</h1> Section 43 of the Tamil Nadu Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming reductions in output tax liability. It requires that credit notes related to outward supplies be matched with corresponding reductions in input tax credit claims by recipients. Any discrepancies or duplications in claims must be communicated to the involved parties. If discrepancies are not rectified, the amount is added to the supplier's output tax liability, potentially with interest. Suppliers can reclaim reductions if recipients correct their returns in time. Interest paid on rectified discrepancies may be refunded, but excess reductions are penalized with additional tax liability and interest.
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