GST UPDATE

???? CA. Praveen Sharma Ki Desk Se ?????

Re-opening of ITC Reversal Reporting:

?As per Notification No. 14/2022-Central Tax (dated 5th July 2022), the government introduced changes to Table 4 of GSTR-3B regarding ITC availment, reversal, and re-claimed ITC reporting.

?To assist taxpayers in accurate ITC reporting, a new ledger called Electronic Credit Reversal and Reclaimed Statement was launched from August 2023 (for monthly taxpayers) and July-September 2023 (for quarterly taxpayers). Taxpayers can report cumulative ITC reversals as opening balances.

Extended Deadlines for Reporting

?Opening balance can be reported between 15th September 2024 and 31st October 2024.

?Amendments are allowed until 30th November 2024

Monthly filers must report ITC reversal up to July 2023 and quarterly filers up to Q1 FY 2023-24.

?The system will soon restrict ITC reclaims beyond the reversed amount, so taxpayers are advised to ensure accuracy within the extended period.

CA. Sharma Praveen

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