TMI BlogMatching, reversal and reclaim of input tax credit.X X X X Extracts X X X X X X X X Extracts X X X X ..... ch time as may be prescribed, be matched- ( a ) with the corresponding details of outward supply furnished by the corresponding registered person (hereafter in this section referred to as the supplier ) in his valid return for the same tax period or any preceding tax period ; ( b ) with the integrated goods and services tax paid under section 3 of the Customs Tariff Act, 1975 (51 of 1975) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated to both such persons in such manner as may be prescribed. ( 4 ) The duplication of claims of input tax credit shall be communicated to the recipient in such manner as may be prescribed. ( 5 ) The amount in respect of which any discrepancy is communicated under sub-section ( 3 ) and which is not rectified by the supplier in his valid return for the month in which discrepancy is communica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion ( 5 ) or sub-section ( 6 ), shall be liable to pay interest at the rate specified under sub-section ( 1 ) of section 50 on the amount so added from the date of availing of credit till the corresponding additions are made under the said sub-sections. ( 9 ) Where any reduction in output tax liability is accepted under subsection ( 7 ), the interest paid under sub-section ( 8 ) shall be refun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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