GSTN Introduces Electronic Credit Reversal and Reclaimed Statement on GST Portal
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- By Taxmann
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- Last Updated on 2 September, 2023
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GSTN Update dated August 31st, 2023
The Government has earlier notified certain changes in Table 4 of Form GSTR-3B to enable taxpayers in reporting correct information regarding ITC availed, ITC reversal, ITC re-claimed and ineligible ITC vide Notification No. 14/2022 – Central Tax dated 5th July, 2022. Now, In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit and Re-claimed Statement is being introduced on the GST portal.
This statement will help the taxpayers in tracking of their ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5) for each return period, starting from August return period. The taxpayers have the opportunity to declare their opening balance for ITC reversal till 30th November 2023.
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