Today is the Last Date for Reporting ITC Opening Balance: Electronic Credit and Reclaimed Statement Reportable until November 30, 2023

Today is the Last Date for Reporting ITC Opening Balance: Electronic Credit and Reclaimed Statement Reportable until November 30, 2023.

1. ITC previously reversed in Table 4B (2) of GSTR 3B, not reclaimed until July 2023 for monthly filers and April-June 2023 for quarterly filers, constitutes the opening balance for the “Electronic Credit Reversal and Reclaimed Statement.”
2. The deadline for reporting this opening balance is November 30, 2023, with the provision for amendments (up to 3 times) available until December 31, 2023.
3. The portal will maintain a comprehensive record of reversal and reclaimed amounts on a return period basis. A validation mechanism embedded in the GSTR 3B return will issue a warning if a taxpayer attempts to reclaim excess ITC in Table 4D (1) compared to the available ITC reversal balance in the statement, coupled with ITC reversals made in the current return period under Table 4B (2).

To Know More: https://a2z-bucket.s3.ap-south-1.amazonaws.com/introduction-of-electronic-credit-reversal-and-re-claimed-statement-on-the-gst-common-portal-all-you-need-to-know/