¹[ (1) A taxpayer may make increasing adjustment, at such amount‚ on such terms‚ within such time and in such manner as may be prescribed, in the following cases‚ namely:-

(a) increasing adjustment for tax deducted at source;

(b) increasing adjustment in consequence of an annual re-accounting;

(c) increasing adjustment for not making payment through banking channel;

(d) increasing adjustment for goods put to private use;

(e) increasing adjustment on being registered;

(f) increasing adjustment because of cancellation of registration;

(g) increasing adjustment because of change in VAT rate;

(h) increasing adjustment for payment of interest, penalty, fine, fee, etc; or

(i) any other prescribed increasing adjustment.

(2) A taxpayer may make decreasing adjustment, at such amount‚ on such terms‚ within such time and in such manner as may be prescribed, in the following cases‚ namely:-

(a) decreasing adjustment for money paid as Advance Tax;

(b) decreasing adjustment of tax deducted at source against supply made by supplier;

(c) decreasing adjustment applicable as a result of annual re-accounting or audit;

(d) decreasing adjustment for issuance of credit note;

²[(e) ***]

(f) decreasing adjustment in case of decrease in VAT rate;

(g) decreasing adjustment claimed for a negative net amount carried forward from a previous tax period;

(h) decreasing adjustment for VAT overpaid in previous tax period; ³[***]

⁴[(hh) decreasing adjustment after registration; or]

(i) any other prescribed decreasing adjustment.]