Reporting of reclaimable reversal

It's lapsed if not reported. Also check the ITC reclaim ledger

Any extention expected?

No as it was already extended earlier

Thank you.

Welcome

There is no legal backing of this reporting. You can take ITC if ITC was taken in time and reversed or again taken within time. Although reporting would reduce litigation.

Are you sure about its legal invalidity?

There is no section or rule where the opening balance is to be reported.

The GSTN has issued Advisory No. 619 dated December 29, 2023 regarding the due date extension for reporting opening balance for ITC reversal which states that :

In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit and Re-claimed Statement was introduced on the GST portal. This statement was made available to help the taxpayers in tracking their ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5).

Now to facilitate taxpayers further, opportunity to declare opening balance for ITC reversal in the statement has been extended till January 31, 2024.

GSTN is no authority and the word advisory speaks for itself that it is not mandatory. 

However to avoid litigation one might fill the opening balances 

But even though it is not filled then also ITC cannot be denied if taken in time and reclaimed after reversal.

Exactly my point. Which is what I was anxious about and wanted to know whether based on this reporting is there going to be any effect in re-availing, and utilising the ITC earlier reversed? Or if there would be any default generated? Or any notice likely to be issued etc...

You can avail but later on you have to clarify the department for the reason of claiming excess ITC as scrutiny notice will definately issued

You must have the details of ITC which is reversed earlier and thereafter you can claim such ITC. Reversal must be made in Other ITC reversal column i.e Table 4B(2).

@ CA Rashmi Gandhi
it took you just three days to go from saying that 'ITC will lapse' to 'you can take ITC' and then liking your own reply yourself.
A prime example for the people to know how authentic you and your opinion are.

I agreed on my first point now also but if the tax payer is agreed to go into litigation then he can claim.

But I personally suggest not to indulge in litigation for a small amount.