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of <h1>Section 43 of GST Act: Procedures for Matching, Reversing, Reclaiming Output Tax Reductions and Managing Discrepancies.</h1> Section 43 of the Chhattisgarh Goods and Services Tax Act, 2017, outlines procedures for matching, reversing, and reclaiming reductions in output tax liability. It requires the details of credit notes for outward supplies to be matched with the recipient's input tax credit claims. Discrepancies or duplications must be communicated to the involved parties. If discrepancies are not rectified, the supplier's output tax liability is adjusted accordingly, with interest applicable on such additions. Suppliers can reclaim reductions if recipients declare credit notes timely. Interest paid due to discrepancies may be refunded, subject to specified conditions.
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