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Matching, reversal and reclaim of input tax credit

Section 37 - Draft-Bills-Reports - RETURNS - Goods and Services Tax - Section 37 - 37. (1) The details of every inward supply furnished by a registered taxable person (hereinafter referred to in this section as the recipient ) for a tax period shall, .....

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tax period or any preceding tax period, (b) with the additional duty of customs paid under section 3 of the Customs Tariff Act, 1975 (51 of 1975) in respect of goods imported by him, and (c) for duplication of claims of input tax credit. (2) The clai .....

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the case may be, be finally accepted and such acceptance shall be communicated, in the manner as may be prescribed, to the recipient. (3) Where the input tax credit claimed by a recipient in respect of an inward supply is in excess of the tax declar .....

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ax credit shall be communicated to the recipient in the manner as may be prescribed. (5) The amount in respect of which any discrepancy is communicated under subsection (3) and which is not rectified by the supplier in his valid return for the month .....

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input tax credit that is found to be in excess on account of duplication of claims shall be added to the output tax liability of the recipient in his return for the month in which the duplication is communicated. (7) The recipient shall be eligible .....

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whose output tax liability any amount has been added under subsection (5) or, as the case may be, under sub-section (6), shall be liable to pay interest at the rate specified under sub-section (1) of section 45 on the amount so added from the date of .....

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