GSTN Updates: Re-opening of ITC Reversal Reporting
- In a significant move to aid taxpayers, GSTN has announced a final opportunity for reporting cumulative ITC reversals** as opening balances in the newly introduced Electronic Credit Reversal and Re-claimed Statement**. This initiative is designed to streamline the reporting process and minimize clerical errors.2. Key Highlights: Notification Background : Following **Notification No. 14/2022**, changes were made to Form GSTR-3B for reporting ITC availment, reversal, and reclamation.
2 New Ledger Introduced : Since August 2023, taxpayers can utilize the **Electronic Credit Reversal and Re-claimed Statement** to manage their ITC reversals more accurately.
3 Final Reporting Opportunity : **Reporting Period**: 15th September 2024 to 31st October 2024.
– **Amendments Deadline**: Until 30th November 2024.
– Monthly filers: Report ITC reversals until July 2023.
– Quarterly filers: Report reversals until Q1 of FY 2023-24.4 Important Reminder**: Soon, the system will restrict reclaiming ITC beyond previously reversed amounts. It’s crucial to take advantage of this period to ensure all information is reported accurately.
🔗 For detailed guidance on the **Electronic Credit Reversal and Re-claimed Statement*
