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Matching, reversal and reclaim of reduction in output tax liability

Section 29A - Draft-Bills-Reports - RETURNS - MODEL GST LAW - GOODS AND SERVICES TAX ACT, 2016 - Draft June 2016 - Section 29A - 29A. (1) The details of every credit note relating to outward supply furnished by a taxable person (hereinafter referred .....

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o in this section as the recipient ) in his valid return for the same tax period or any subsequent tax period, and (b) for duplication of claims for reduction in output tax liability. (2) The claim for reduction in output tax liability by the supplie .....

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pect of outward supplies exceeds the corresponding reduction in the claim for input tax credit or the corresponding credit note is not declared by the recipient in his valid returns, the discrepancy shall be communicated to both such persons in the m .....

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tion (3) and which is not rectified by the recipient in his valid return for the month in which discrepancy is communicated shall be added to the output tax liability of the supplier, in the manner as may be prescribed, in his return for the month su .....

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return for the month in which such duplication is communicated. (7) The supplier shall be eligible to reduce, from his output tax liability, the amount added under sub-section (5) if the recipient declares the details of the credit note in his valid .....

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specified under sub-section (1) of section 36 in respect of the amount so added from the date of such claim for reduction in the output tax liability till the corresponding additions are made under the said sub-sections. (9) Where any reduction in ou .....

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