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Matching, reversal and reclaim of reduction in output tax liability

Section 38 - Draft-Bills-Reports - RETURNS - MODEL GST LAW - Draft The Central / State Goods and Services Tax Act, 2016 - [November 2016] - Section 38 - 38. (1) The details of every credit note relating to outward supply furnished by a registered tax .....

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le person (hereinafter referred to 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 ou .....

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on of output tax liability in respect 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 communica .....

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ncy is communicated under subsection (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 .....

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iability of the supplier in his 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 .....

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ble to pay interest at the rate specified under sub-section (1) of section 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-section .....

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