https://www.taxtmi.com/acts?id=30386 Section 42 mandates a matching mechanism for input tax credit claims against supplier returns and import tax payments, with final acceptance where matches occur. Discrepancies and duplicate claims must be communicated to the parties. Unrectified discrepancies or duplicative excesses are added to the recipient's output tax liability; reversal is permitted if the supplier subsequently declares the relevant invoice within the prescribed period. Interest accrues on amounts added from the date of availing credit and, where reductions are accepted, interest paid is refundable to the recipient's electronic cash ledger up to the interest paid by the supplier. en-us Mon, 10 Jul 2017 14:53:06 +0530 Sat, 19 Aug 2017 10:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=30386 Section 42 mandates a matching mechanism for input tax credit claims against supplier returns and import tax payments, with final acceptance where matches occur. Discrepancies and duplicate claims must be communicated to the parties. Unrectified discrepancies or duplicative excesses are added to the recipient's output tax liability; reversal is permitted if the supplier subsequently declares the relevant invoice within the prescribed period. Interest accrues on amounts added from the date of availing credit and, where reductions are accepted, interest paid is refundable to the recipient's electronic cash ledger up to the interest paid by the supplier. Act-Rules GST - States Mon, 10 Jul 2017 14:53:06 +0530 https://www.taxtmi.com/acts?id=30386