Return and input tax credit matching: suppliers must report outward supplies; recipients verify and ITC is regulated accordingly. A new procedural framework (section 43A) requires suppliers to furnish outward supply details on a common portal and mandates that recipients verify, validate, modify or delete those details in their returns; prescribed procedures govern availing and verifying input tax credit, allow limited ITC where supplier details are not furnished, deem supplier furnished outward supplies as the supplier's declared tax liability, and create joint and several liability of supplier and recipient for tax or wrongly availed ITC with prescribed recovery safeguards.
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Return and input tax credit matching: suppliers must report outward supplies; recipients verify and ITC is regulated accordingly.
A new procedural framework (section 43A) requires suppliers to furnish outward supply details on a common portal and mandates that recipients verify, validate, modify or delete those details in their returns; prescribed procedures govern availing and verifying input tax credit, allow limited ITC where supplier details are not furnished, deem supplier furnished outward supplies as the supplier's declared tax liability, and create joint and several liability of supplier and recipient for tax or wrongly availed ITC with prescribed recovery safeguards.
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