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. |
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