Section 42 – Acts – RETURNS – CENTRAL GOODS AND SERVICES TAX ACT, 2017 – Section 42 – Matching, reversal and reclaim of input tax credit. 42. (1) The details of every inward supply furnished by a registered person (hereafter in this section referred to as the recipient ) for a tax period shall, in such manner and within such 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) in respect of goods imported by him; a
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d 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 communicated shall be added to the output tax liability of the recipient, in such manner as may be prescribed, in his return for the month succeeding the month in which the discrepancy is communicated. (6) The amount claimed as 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
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