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of <h1>Understanding Section 43: Matching, Reversing, and Reclaiming Tax Reductions in Gujarat GST Act 2017</h1> Section 43 of the Gujarat Goods and Services Tax Act, 2017, outlines the procedures for matching, reversing, and reclaiming reductions in output tax liability. It requires the matching of credit notes related to outward supplies with corresponding input tax credit claims by recipients. Discrepancies or duplications in claims are communicated to both parties, and unresolved discrepancies lead to adjustments in the supplier's output tax liability. Suppliers can reduce their liability if recipients rectify their returns timely. Interest is applicable on discrepancies, but refunded if reductions are accepted. Non-compliance results in additional liabilities and interest charges for the supplier.
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