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of <h1>Kerala GST Ordinance Sec 42: Rules for Matching, Reversing, and Reclaiming Input Tax Credit Explained</h1> Section 42 of the Kerala Goods and Services Tax Ordinance, 2017, outlines the process for matching, reversing, and reclaiming input tax credit. It mandates that details of inward supplies provided 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 or excess claims lead to adjustments in the recipient's output tax liability, with interest applicable on unrectified discrepancies. If the supplier corrects the discrepancy, the recipient can reduce their tax liability and receive a refund of any interest paid.
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