Re-Opening of Reporting ITC Reversal Opening Balance | GSTN Update

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By Taxmann
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Last Updated on 19 September, 2024

GSTN Update dated September 17th, 2024

The GSTN has issued an update to inform that 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 Reversal and Re-claimed Statement was introduced on the GST portal from August 2023 return period for monthly taxpayers and from July-September 2023 quarter for quarterly taxpayers.

Now, the Taxpayers are being provided with one final opportunity to 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”, if any, before hard locking the reversal and reclaim ledger. The functionality to reporting the opening balance will be available from 15th September 2024 to 31st October 2024 and amendments in declared opening balance will be available till 30th November, 2024.

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