Matching, reversal and reclaim of reduction in output tax liability by credit note :
Section 42 of CGST Act makes provision relating to input tax credit which can be availed on basis of invoice, debit note or supplementary invoice.
However, the supplier may also issue credit note for reducing the price as shown in tax invoice. In that case, there will be reduction in output tax liability of supplier. Provisions in this regard are contained in section 43 of IGST Act.