https://www.taxtmi.com/acts?id=29155 Matching of input tax credit requires reconciling inward supplies with supplier returns, import tax payments, and duplicate claims. Matched claims are accepted and communicated. Discrepancies where supplier declaration is absent are communicated and, if not rectified, added to the recipient's output tax liability; duplicate-claim excesses are similarly added. Additions may be reduced if the supplier declares the invoice within the prescribed period; added amounts attract interest from the date of availing credit, and refunded interest on accepted reductions is credited to the recipient's electronic cash ledger, subject to a cap equal to interest paid by the supplier. en-us Mon, 03 Jul 2017 15:11:47 +0530 Tue, 08 Aug 2017 12:10:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=29155 Matching of input tax credit requires reconciling inward supplies with supplier returns, import tax payments, and duplicate claims. Matched claims are accepted and communicated. Discrepancies where supplier declaration is absent are communicated and, if not rectified, added to the recipient's output tax liability; duplicate-claim excesses are similarly added. Additions may be reduced if the supplier declares the invoice within the prescribed period; added amounts attract interest from the date of availing credit, and refunded interest on accepted reductions is credited to the recipient's electronic cash ledger, subject to a cap equal to interest paid by the supplier. Act-Rules GST - States Mon, 03 Jul 2017 15:11:47 +0530 https://www.taxtmi.com/acts?id=29155