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Matching, reversal and reclaim of reduction in output tax liability

Section 38 - Draft-Bills-Reports - RETURNS - Goods and Services Tax - Section 38 - 38. (1) The details of every credit note relating to outward supply furnished by a registered taxable person (hereinafter referred to in this section as the supplier ) .....

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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 supplier that matches with the corresponding .....

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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 manner as may be prescribed. (4) The d .....

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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 succeeding the month in which the discre .....

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lication 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 return within the time specified in su .....

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tion 45 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 output tax liability is accepted under s .....

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