Section 43 – GST – States – RETURNS – Mizoram Goods and Services Tax Act, 2017 – Act-Rules – 43. Matching, reversal and reclaim of reduction in output tax liability.- (1) The details of every credit note relating to outward supply furnished by a registered person (hereafter in this section referred to as the supplier ) for a tax period shall, in such manner and within such time as may be prescribed, be matched (a) with the corresponding reduction in the claim for input tax credit by the corresponding registered person (hereafter in this section referred to 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 liabili
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d. (5) The amount in respect of which any discrepancy is communicated under sub-section (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 such manner as may be prescribed, in his return for the month succeeding the month in which the discrepancy is communicated. (6) The amount in respect of any reduction in output tax liability that is found to be on account of duplication of claims shall be added to the output tax liability 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
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d of his electronic cash ledger in such manner as may be prescribed: Provided that the amount of interest to be credited in any case shall not exceed the amount of interest paid by the recipient. (10) The amount reduced from output tax liability in contravention of the provisions of sub-section (7) shall be added to the output tax liability of the supplier in his return for the month in which such contravention takes place and such supplier shall be liable to pay interest on the amount so added at the rate specified in sub-section (3) of section 50. – – statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.c
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