Electronic Credit Reversal and Reclaimed Statements GST

Hi Senthilkumar,

Regarding the Electronic Credit Reversal and Reclaim ledger in the GST portal:

1. Can you update the accumulated opening balance now?

• Yes, you can still update the opening balance in the Electronic Credit Reversal and Reclaim ledger on the GST portal, as the ledger remains open for such adjustments.

• The GST portal allows updating the opening balance even after the initial filing, typically with the current date or the date when the adjustment is being made.

2. Which opening balance should be updated?

• The opening balance to be updated should be the accumulated balance of credit reversals and credit reclaimed till the beginning of the current financial year or the date you are updating.

• This means:

  • If you have reversed any input tax credit earlier (say on account of blocked credits or any other reason), the net amount of such reversals (which have not been reflected yet) should be considered as your opening balance in the ledger.

  • Similarly, any credit reclaimed but not accounted should be netted accordingly.

• In short, the balance reflects the cumulative electronic credit reversals and reclaims pending till date.

Additional points:

• Ensure that these entries reconcile with your earlier returns and credit ledgers to avoid mismatch or notices.

• Keep documentary evidence ready for these entries in case of any scrutiny.

• If you are unsure about exact balances, consider consulting your GST practitioner or tax advisor for accurate reconciliation.