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of <h1>Section 43 of Karnataka GST Act 2017: Procedures for Matching, Reversing, Reclaiming Output Tax Reductions Explained</h1> Section 43 of the Karnataka Goods and Services Tax Act, 2017, outlines the procedures for matching, reversing, and reclaiming reductions in output tax liability. It requires that credit notes related to outward supplies be matched with corresponding input tax credit claims by recipients. Discrepancies or duplications in claims are communicated to both parties. If discrepancies are not rectified, the amount is added to the supplier's output tax liability, with interest applicable. Suppliers can reclaim reductions if recipients declare credit notes within specified timeframes. Interest paid due to discrepancies can be refunded if reductions are subsequently accepted.
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