- The GSTN has issued an advisory on the introduction of Electronic Credit Reversal and Re-claimed statement on the GST Common Portal.
- The government has notified changes in Form GSTR-3B to enable taxpayers to report correct information regarding ITC availed, reversal, re-claimed, and ineligible ITC.
- A new ledger named Electronic Credit and Re-claimed Statement is being introduced on the GST portal to help taxpayers track their ITC that has been reversed and subsequently re-claimed for each return period.
- Taxpayers can report their cumulative ITC reversal as an opening balance until November 30, 2023, and can amend it three times until that date.
- The portal will maintain a record of reversal and re-claimed amounts on a return period basis.
- A validation mechanism is incorporated into the GSTR-3B form to trigger a warning message if a taxpayer attempts to re-claim excess ITC than the available ITC reversal balance in the statement.
- The warning message will commence appearing from the filing period covering August 2023 for monthly taxpayers and July to September 2023 for quarterly taxpayers.
Source a2ztaxcorp
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