Amendment status not verified — confirm the current text below against the official source.
(l ) The detoils ol every inword supply furnished by o registered person (hereofter in this section refened to os the "recipient') for o tox period sholl, in such monner ond within such time os moy be prescribed, be motched- (o) with the correspon ding detoils of outword supply furnished by the corres- ponding registered person (hereofter in this section referred to os the "supplierJ in his volid return for the some tox period or ony preceding tox period; (b) wih tre integroted groods ond services tox poid under section 3 of the Customs Toriff Act, 1975 in respect of goods imported by him; ond (c) {or duplicotion of cloims of input tox credit. (2) The clcrim of input tox credit in resped o{ invoices or debit notes reloting to inword supply thot motch with the detoils of corresponding outword supply or with the integroted goods ond services tox poid under sedion 3 of the Customs Toriff Act, 1975 in respea of goods imported by him sholl be flnolly occepted ond such occeptonce sholl be communi- coted, in such monner os moy be prescribed, to the recipient. Motching, reversol ond recloim of input tox credit. 5l of 1975. 5l of 1975 164 (3) Where the lnput tox credit cloimed by o recipient in respect of on inword supply is in excess of the tox declored by the supplierforthe some supply or the outword supply is not declored by the supplier in his volid returns, the discreponcy sholl be communi- coted to both such persons in such monner os moy be prescribed. (4) The duplicotion of cloims of input tox credit sholl be communicoted to the recipient in such monner os moy be prescribed. (5) The omount in respect of which ony discreponcy is communicoted under sub-section (3) ond which is not rectified by the supplier in his volid return for the month in wh ich discreponcy is communicoted sholl be odded to the output tox liobility of the recipient, in such monner os moy be prescribed, in his return for the month succeeding the month in which the discreponcy is communicoted- (6) The omount cloimed os input tox credit thot is found to be in excess on occount of duplicotion of cloims sholl be odded to the output tox liobility ofthe recipient in his return for the month in which the duplicotion is communicoted. (7) The recipient sholl be eligible to reduce, from his output tox liobility, the omount odded under sub-section (5), if the supplier declores the detoils ofthe invoice or debit note in his volid return within the time specified in sub- t65 section (9) of section 39 (8) A recipient in whose output tox liobility ony omount hos been odded under sub-section (5) or sub-section (6), sholl be lioble to poy interest ot the rote specified under sub-section (l ) of section 50 on the omount so odded irom the dote of ovoiling of credit till the corresponding odditions ore mode under the soid sub-sections. (9) Where ony reduction in output tox liobility is occepted under sub- section (7), the interest poid under sub-section (8) sholl be refunded to the recipient by crediting the omount in the corresponding heod of his electronic cosh ledger in such monner os moy be prescribed: Provided thot the omount of interest to be credited in ony cose sholl not exceed the omount of interest poid by the supplier. ('10) The omount reduced from the output tox liobility in controvention ofthe provisions of sub-section (7) sholl be odded to the output tox liobility of the recipient in his return for the month in which such controvention tokes ploce ond such recipient sholl be lioble to poy interest on the omount so odded otthe rote specified in sub-seaion (3) of section 50.