Goods and Services Tax Network (GSTN) has issued an advisory on introduction of Electronic Credit Reversal and Re-claimed statement on GST portal.
Key takeaways of the advisory issued are mentioned below:
a. Introduction of new ledger at GST portal namely Electronic Credit and Re-claimed Statement to track the Input Tax Credit (ITC) which has been reversed and re-claimed thereafter.
- Taxpayers can report their cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for “Electronic Credit Reversal and Re-claimed Statement” at the below mentioned path:
Login >> Report ITC Reversal Opening Balance; or
Services >> Ledger >> Electronic Credit Reversal and Re-claimed Statement >> Report ITC >> Reversal Opening Balance.c. Taxpayers may declare their opening balance for ITC reversal till 29th February, 2024.
d. In case of any mistakes or inaccuracies taxpayers shall be allowed to correct the data related to opening balance to the maximum of three times.
For further details, a copy of advisory is attached herewith for your reference.
Source: Goods and Services Tax Network (GSTN)
