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of <h1>Kerala GST Ordinance Section 43: Matching & Reversal of Tax Reductions; Interest Penalties for Non-Compliance</h1> Section 43 of the Kerala Goods and Services Tax Ordinance, 2017, addresses the matching, reversal, and reclaim of reductions in output tax liability. It mandates that credit notes related to outward supplies must be matched with corresponding reductions in input tax credit claims 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 reduce their liability if recipients rectify discrepancies within a specified time. Interest is payable on added liabilities, with provisions for refunding interest if reductions are accepted. Non-compliance results in additional liabilities and interest penalties.
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