In our ongoing efforts to simplify and enhance your experience with the GST portal, we bring to your attention a crucial advisory regarding the reporting of opening balances for ITC reversal.
1. Introduction of Electronic Credit and Re-claimed Statement: To assist taxpayers in ensuring accurate reporting of ITC reversal and reclaim, we introduced the Electronic Credit and Re-claimed Statement on the GST portal. This statement is designed to help you track ITC that has been reversed in Table 4B(2) and subsequently re-claimed in Table 4D(1) and 4A(5). For a detailed overview, please refer to the earlier advisory linked here.
2. Extended Deadline for Declaring Opening Balance: In a continued effort to facilitate taxpayers, the opportunity to declare the opening balance for ITC reversal in the statement has been extended. You now have until January 31, 2024, to declare your opening balance for ITC reversal.
3. Important Note on Amendments: After declaring the opening balance for ITC reversal, only three opportunities for amendments will be provided post-declaration. This is to ensure accuracy and prevent clerical mistakes in reporting. Take advantage of these opportunities to correct any mistakes or inaccuracies in the initially declared opening balance.
4. Deadline for Amendments: The facility to amend the declared opening balance for ITC reversal will be available until February 29, 2024. Please make sure to review and adjust your opening balance within this timeframe to avoid any discrepancies in your reporting.
We understand the significance of accurate reporting in ITC reversal and reclaim processes, and this extension aims to provide you with ample time to ensure correctness in your submissions.
For detailed instructions on how to declare your opening balance and make amendments, please visit the GST portal or reach out to our support team for assistance.
We appreciate your cooperation in adhering to these timelines, and we remain committed to providing you with a user-friendly and efficient GST portal.
We wish you a successful and compliant reporting period.
