Amendment status not verified — confirm the current text below against the official source.
Every registered person who has made outward supplies 1n 1 ’ 3 the period between the date on which he became liableto; 41: 42., 57 (9) Subject to theprovisions oEsections 37 and 38, if any registered person after furnishing a return under sub- section (1) or sub-section (2)subsection (3) or sub- section (4) or sub-section (5) discovers any omission or incorrect particularstherein, other than as a result 4 of scrutiny, audit, inspection or enforcement activity by the tax authorities, he shall rectify such omission or ‘ incorrectparticulars1n thereturn to be flirnishedfor the 3-? month or‘qu‘arter, as the case maybe, duringwhich such "omission or incorrect particulars are noticed,sillject to paymentofinterest under thrs Adi;- “ ' Providedthat no such rectrfication ofanyomissionorincorrect particulars shall be allowed after thedue date forfurnishingofreturn for the month of September or second quarter following the end of the financial year, or the actual date offurnishing of relevant annual return, whichever'is earlier (10) A registered person shall not be allowedto furnish a return for a tax period if thereturn for any of the previous tax penods has nutbeen furmshed byhim. registration till thedate on which registration hasbeengranted shall declare the same in the first return furnished by him after grant ofregistration. (1) Everyregistered person shall, subject tosuchconditions "(21‘ " (1) andrestrictions as maybe prescribedbe entitledto take crecbtofeligible input tax, as selfassessed,1nhis return ‘1 and such amount shall be credited on a provisional basis to his electronic creditledger The credit referredto in sub-section (lishallrbe.ut1115ed only for payment of self-assessed output tax as per the return referred to in the said subsection. _, 'lhe details ofevery inward supply furnishedby a , registered person (hereafter1n this section referredto as the “recipient”) for a tax period shall, in such manner andwithin such time as may be prescribed be matched— 7 (a) withthe correspgndmg details:of outward supply furnished M the correspondingregistered ' person (hereafterin this section referred to as the “supplier”) in his valid return for the same tax period or any preceding tax period; First Return. Claim of input tax credit and provisional acceptance thereof. Matching, reversal and reclaim of input tax ' credit. 51 of 1975 51 of 1975 (2) (3) (4) (5) (6) (7) 58 (b) with the integrated goods and services tax paid under section 3 of the Customs’Tarifi‘ Act, 1975 in:\ « . respect ofgoods imported by him; and (c) for duplication ofclaims ofinput tan credit. _ The claim of input tax credit in respect of invoices or debit notes relating to inward supply that match with the details of corresponding outward supply or with the integrated goods and services tax paid under section 3 of the Customs Tariff Act, 1975 in respect of goods [imported by him shall be finally accepted and such acceptance shall be communicated, in such manner as may be prescribed, to the recipient. ‘ Where the input tax credit claimed by a recipient in respect of an inward supply is in excess of the tax declared by the supplier for the same supply or the outward supply is not declared by the supplier in his valid returns, the discrepancy shall be communicated to both such persons in such manner as may be prescribed. The duplication of claims of input tax credit shall be , communicated to the recipient in such manner asmay be prescribed. 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 comimmicated 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. ' 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 "his return for the month in which the duplication is communicated. The recipient shall be eligible to reduce, from his output ‘ tax liabilityrthe aniount added under sub-section (5), it ; the supplier declares the details of the invoice or debit note in his valid return within the time specified in sub- section‘(9) of section 39. (8) (9) 59 Arecipient in whose output taxliability any amount has been added under sub-section (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 ofavailing ofcredit till the corresponding additions are made under the said subsections. Where any reduction in output tax liability is accepted under sub-section (7), the interest paid under sub— section (8) shall be refunded to the recipient bycrediting the amount in the corresponding head ofhis electronic cash ledger in such manner as may be prescribed: Provided that the amount ofinterest to be credited in any case shall‘not exwed the amount ofinterest paid by the supplier. (10) The amount reduced from the output tax liability in (1) contravention of the provisions of sub-section (7) shall be added to’the output tax liability ofthe recipient in‘his return for the month in which such contravention takes place and such recipient shall be liable to pay interest on the amount so added at the rate specified in sub-section (3) of section 50. The details of every credit note relating to outward supply furnishedby 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 ofclaims for reduction in output tax liability. , ‘ The claim for reduction in Output tax liability by the supplier that matches with the corresponding reduction in the claim for input tax credit by the recipient shall be finally accepted and communicated, in such manner as may be prescribed, to the'supplier. 1 Matching, reversal and reclaim ofreduction in output tax liability. (5) (6) (7) (8) 3(9). 92a 60 Where the'reduction’of output tax liability in respect of Ward supplies exceeds the corresponding reduction ‘ -i‘utthe claim for' input tax creditioriéthe corresponding 2 credit note isnotdeclared by the recipient in his valid returns; the discrepancy shall becommunieated to both 1;} I. such persons in such;manner as may be prescribed. 'Ihe duplication of claims for reduction in output tax liability shall be communicated to the supplier'in such manner as may be prescribed. The amount in respect of which anydiscrepancy is communicated under subsection (3) and which is not rectified by the recipient in his validi'eturn 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 pracribed, inhisireturn forthe month succeedingthe month in which the discrepancy is communicated. Theamountinrespectofanyreductioninmitputtax liability thatis foundtobeon account ofduplication ofclaimsshallbeaddedtotheoutputtaxhabihtyof thesupplierinhisreturnforfliemonthinwhichsuch duplicationiscommunicated. ' 'Ihe supplier shall be eligible to reduce, from his output liability the amount added under sub—section (5) if the recipient declares the detailstthe credh'note'in his validreturn within the timespecifiedin sub-section (9) ofsection 39. A supplierin whose output tax liability any amount has been added under sub-section (5) or sub—section (6), shall be liableto pay interest at the rate specified under ’ sub-sectioh (1) ofsection 50in respect ofthe amount so ' added from the date of such claim for reductionin the ‘ output tax liability till the Corresponding additions are made under the said subsections. Where any reduction'in output tax liabilityis accepted under sub-section (7), the interest paid under sub- section (8) shall be refunded to the supplier by crediting , the amountin the corresponding head of his electronic "f fcashledger insuch manner as may be prescfib¢d= Provided that theamountofinterest tobecreditedin any case shall noteticeed the amount ofinterestpaidby the recipient. (5) (6) (7) (8) 3(9). 92a 60 Where the'reduction’of output tax liability in respect of Ward supplies exceeds the corresponding reduction ‘ -i‘utthe claim for' input tax creditioriéthe corresponding 2 credit note isnotdeclared by the recipient in his valid returns; the discrepancy shall becommunieated to both 1;} I. such persons in such;manner as may be prescribed. 'Ihe duplication of claims for reduction in output tax liability shall be communicated to the supplier'in such manner as may be prescribed. The amount in respect of which anydiscrepancy is communicated under subsection (3) and which is not rectified by the recipient in his validi'eturn 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 pracribed, inhisireturn forthe month succeedingthe month in which the discrepancy is communicated. Theamountinrespectofanyreductioninmitputtax liability thatis foundtobeon account ofduplication ofclaimsshallbeaddedtotheoutputtaxhabihtyof thesupplierinhisreturnforfliemonthinwhichsuch duplicationiscommunicated. ' 'Ihe supplier shall be eligible to reduce, from his output liability the amount added under sub—section (5) if the recipient declares the detailstthe credh'note'in his validreturn within the timespecifiedin sub-section (9) ofsection 39. A supplierin whose output tax liability any amount has been added under sub-section (5) or sub—section (6), shall be liableto pay interest at the rate specified under ’ sub-sectioh (1) ofsection 50in respect ofthe amount so ' added from the date of such claim for reductionin the ‘ output tax liability till the Corresponding additions are made under the said subsections. Where any reduction'in output tax liabilityis accepted under sub-section (7), the interest paid under sub- section (8) shall be refunded to the supplier by crediting , the amountin the corresponding head of his electronic "f fcashledger insuch manner as may be prescfib¢d= Provided that theamountofinterest tobecreditedin any case shall noteticeed the amount ofinterestpaidby the recipient.