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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 43 of GST Act: Matching and Reclaiming Tax Reductions Explained; Non-Compliance Leads to Penalties.</h1> Section 43 of the Delhi Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming reductions in output tax liability. It requires suppliers to match credit notes with corresponding input tax credit reductions 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 reclaim amounts if recipients rectify discrepancies within a specified time. Interest is payable on added amounts until resolved, and refunded if the reduction is accepted. Non-compliance results in additional liabilities and interest penalties.
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