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of <h1>Section 42 of Manipur GST Act: Process for Matching, Reversing, and Reclaiming Input Tax Credit Explained</h1> Section 42 of the Manipur Goods and Services Tax Act, 2017, outlines the process for matching, reversing, and reclaiming input tax credit (ITC). It requires matching the recipient's inward supply details with the supplier's outward supply details and the integrated GST paid on imports. If discrepancies arise due to excess ITC claims or duplication, they are communicated to both parties, and unresolved discrepancies are added to the recipient's output tax liability. The recipient can reduce this liability if the supplier corrects the discrepancy within a specified time. Interest is applicable on added liabilities, and any interest paid is refundable if reductions are accepted.
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