https://www.taxtmi.com/article/detailed?id=7326 Input tax credit under the Model GST Law is contingent on tax being paid to government and subject to an automated matching mechanism between supplier returns and buyer claims. Discrepancies trigger notices to both parties; if sellers do not correct returns, buyers must reverse excess ITC and add it to output tax with interest, while later seller corrections permit reclaim and refund of interest. Reciprocal adjustments arise when sellers reduce output tax via credit notes but buyers do not record corresponding reductions. Rectifications are time barred after the September return of the following year or annual return filing, causing permanent loss of credit if missed. en-us Fri, 17 Mar 2017 11:15:40 +0530 Fri, 17 Mar 2017 11:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7326 Input tax credit under the Model GST Law is contingent on tax being paid to government and subject to an automated matching mechanism between supplier returns and buyer claims. Discrepancies trigger notices to both parties; if sellers do not correct returns, buyers must reverse excess ITC and add it to output tax with interest, while later seller corrections permit reclaim and refund of interest. Reciprocal adjustments arise when sellers reduce output tax via credit notes but buyers do not record corresponding reductions. Rectifications are time barred after the September return of the following year or annual return filing, causing permanent loss of credit if missed. Articles Goods and Services Tax - GST Fri, 17 Mar 2017 11:15:40 +0530 https://www.taxtmi.com/article/detailed?id=7326