https://www.taxtmi.com/acts?id=23180 Suppliers must have credit notes matched with recipients' reductions in input tax credit; matched claims are accepted and communicated. Discrepancies or undeclared credit notes are notified to supplier and recipient, and unrectified amounts are added to the supplier's output tax liability in the subsequent return, while duplicated claim amounts are added in the month of communication. Suppliers may reduce added amounts if recipients later declare the credit note within the prescribed time, and added amounts attract interest from the date of the original reduction claim. Interest refunded on later acceptance is credited to the supplier's electronic cash ledger but is capped by the interest paid by the recipient. en-us Mon, 28 Nov 2016 11:20:30 +0530 Mon, 28 Nov 2016 16:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=23180 Suppliers must have credit notes matched with recipients' reductions in input tax credit; matched claims are accepted and communicated. Discrepancies or undeclared credit notes are notified to supplier and recipient, and unrectified amounts are added to the supplier's output tax liability in the subsequent return, while duplicated claim amounts are added in the month of communication. Suppliers may reduce added amounts if recipients later declare the credit note within the prescribed time, and added amounts attract interest from the date of the original reduction claim. Interest refunded on later acceptance is credited to the supplier's electronic cash ledger but is capped by the interest paid by the recipient. Act-Rules Bills Mon, 28 Nov 2016 11:20:30 +0530 https://www.taxtmi.com/acts?id=23180