Rule 73 CGST Rules 2017 : Matching of claim of reduction in the output tax liability

By | July 13, 2017
(Last Updated On: July 5, 2018)

 Rule 73 CGST Rules 2017

Summary of Rule 73 CGST Rules 2017

( Rule 73 CGST Rules 2017 explains Matching of claim of reduction in the output tax liability and is covered in Chapter VIII  – Returns : Inserted by the Central Goods and Services Tax (Second Amendment) Rules, 2017, w.e.f. 1-7-2017.)

 Rule 73 CGST Rules 2017

Matching of claim of reduction in the output tax liability

73. The following details relating to the claim of reduction in output tax liability shall be matched under section 43 after the due date for furnishing the return in FORM GSTR-3, namely:—

(a)Goods and Services Tax Identification Number of the supplier;
(b)Goods and Services Tax Identification Number of the recipient;
(c)credit note number;
(d)credit note date; and
(e)tax amount:

Provided that where the time limit for furnishing FORM GSTR-1 under section 37 and FORM GSTR-2 under section 38 has been extended, the date of matching of claim of reduction in the output tax liability shall be extended accordingly:

Provided further that the Commissioner may, on the recommendations of the Council, by order, extend the date of matching relating to claim of reduction in output tax liability to such date as may be specified therein.

Explanation.—For the purposes of this rule, it is hereby declared that –

(i)the claim of reduction in output tax liability due to issuance of credit notes in FORM GSTR-1 that were accepted by the corresponding recipient in FORM GSTR-2 without amendment shall be treated as matched if the said recipient has furnished a valid return.
(ii)the claim of reduction in the output tax liability shall be considered as matched where the amount of output tax liability after taking into account the reduction claimed is equal to or more than the claim of input tax credit after taking into account the reduction admitted and discharged on such credit note by the corresponding recipient in his valid return.

 


 Rule 73 CGST Rules 2017

Also refer CBIC Website Click here 

Related Topic on GST

TopicClick Link
GST Acts Central GST Act and States GST Acts
GST RulesGST Rules
GST RatesGST Rates
GST NotificationsGST Act Notifications
GST CircularsGST Circulars
GST Press ReleaseGST Press Release
GST BooksBest Books on GST in India
GST CommentaryTopic wise Commentary on GST Act of India
GST You Tube ChannelTaxHeal You Tube Channel
GST Online CourseJoin GST online Course
GST HistoryGST History and Background Material

Rule 73 CGST Rules 2017 , Print  Rule 73 CGST Rules 2017, Rule 73 of CGST Rules 2017, Latest Rule 73 of CGST Rules 2017, updated Rule 73 of CGST Rules 2017,

Leave a Reply

Your email address will not be published. Required fields are marked *