Quick Summary
1. Vide Notification No. 14/2022 - Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6th July,2022), the Government introduced certain changes in Table 4 of Form GSTR-3B regarding availment reversal of ITC along-with reporting of re-claimed and ineligible ITC. Accordingly
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FAQ :
The advisory provides taxpayers with a final chance to report their cumulative ITC reversal as an opening balance in the Electronic Credit Reversal and Re-claimed Statement.
The functionality to report the opening balance is available from 15th September 2024 to 31st October 2024.
Amendments to the declared opening balance can be made until 30th November 2024.
Monthly taxpayers should report their opening balance considering ITC reversals done up to the July 2023 return period.
Quarterly taxpayers should report their opening balance considering ITC reversals made up to the April-June 2023 return period (Q1 of FY 2023-24).
The system will soon prevent reclaiming ITC in excess of the amount previously reversed and available in the Electronic Credit Reversal and Re-claimed Statement.
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